Things aren’t working out as planned at all on the energy front of the Great Reset. From Irina Slav at oilprice.com:
- UN Secretary General: investing in fossil fuels is delusional.
- Anti-oil narrative clashes with reality of increasing demand.
- IEA has changed its narrative and is now calling for more production
Last year, the International Energy Agency made headlines by calling for an end to new oil and gas exploration by the end of the year. A few months later, the IEA was calling for more oil.
This week, the secretary-general of the United Nations, Antonio Guterres, said that investing in new oil and gas production was “delusional”, calling on “all financial actors to abandon fossil fuel finance” and focus on renewables instead.
But the UN’s most senior official did not stop there. Guterres then went on to say that “The only true path to energy security, stable power prices, prosperity and a livable planet lies in abandoning polluting fossil fuels — especially coal — and accelerating the renewables-based energy transition.”
This is a sentiment shared by the head of the IEA, too, on numerous occasions. Like Guterres, the IEA’s Fatih Birol is a staunch supporter of the energy transition, which he sees as the only way forward. Unlike Guterres, Birol seems willing to allow for the fact that we still need oil, and lots of it.
Last month, Birol warned of even higher oil prices during the summer because of strong demand, expressing hope that several large oil producers would increase their output this year.
