The IEA (International Energy Agency) has called for a halt to further explorations for gas and oil fields in order to bring an end to the fossil fuel era, and help in the fight against global warming.
In a report on the path to net zero carbon emissions by 2050, the organization says that oil demand will need to drop by 75 per cent over the next three decades , including an end to the drilling of new reserves or the development of any new coal mines. Its forecast suggests that the age of fossil fuels is coming to an abrupt end.
Interestingly, oil prices hit a two year high in the middle of May, but have dipped significantly since then, possibly on the back of the reports from the IEA
