Fatih Birol, the chief of the International Energy Agency (IEA), faced renewed stress on Monday from investors and scientists concerned about the climate crisis to overtake the company’s predictions for fossil fuel demand.
Pension funds, insurers, and giant corporations have been among 65 signatories of a joint letter to Birol, urging him to do more to help the implementation of the 2015 Paris Settlement to avert catastrophic global warming.
The letter had the first coordinated response by investors, scientists, and campaigners pushing Birol to rethink the Paris-based group’s flagship annual vision since the newest edition was launched on November 13.
Known as the World Energy Outlook, the document, which runs to heaps of pages, helps shape expectations in monetary markets over how quickly the world might transition from a fossil fuel-dominated energy system to cleaner sources of energy.
Since the beginning of 2019, various networks of institutional investors, asset owners, scientists, and climate advocacy teams have been urging Birol to change the way the report is produced and offered.
These critics argue that a revised approach might unlock sooner investment in renewables and higher identify doable dangers to the value of oil, gas, and coal firms posed by the prospect of speedy action to remove greenhouse gas emissions.
The IEA made several modifications to the last version of the outlook, including providing what officers describe as a more “stringent” state of affairs showing how the world may fully realize the objectives of the Paris settlement than in the previous edition. Birol said Monday on the sidelines of a panel discussion in Brussels that his group welcomed feedback.