IEA to launche a global commission to address the implications of the energy transition

The International Energy Agency announced that it will launch a global select committee to address the implications of the energy transition from fossil fuels to renewable energy.

The committee will be chaired by Denmark, and will include energy ministers from four countries: Canada, Norway, Mexico and Oman. It will also include energy officials from the United States after changing its course in favor of fighting climate change under President Joe Biden.

Fatih Birol, Executive Director of the International Energy Agency, says that the transition to clean energy will be accompanied by disruptions and changes in employment, and some sectors will achieve large gains while others lose, and governments will have to initiate changes to protect those affected.

Birol expressed optimism that the new US administration will join other major economies in sticking to the goal of net-zero emissions by mid-century. President Biden has temporarily suspended issuance of permits for oil and gas exploration in federal territory, in contrast to the trend by President Trump to maximize production from federal regions.

On the other hand, observers of global energy situations warn that global emissions, which fell sharply in 2020 due to the Coronavirus crisis, will recover in 2021 unless governments take preventive measures.