IEA’s Climate Models Criticized As Too Fossil-Fuel Friendly
Investors say the IEA’s benchmark energy forecasts are not in line with the latest climate science.
Leslie Hook and Anjli Raval, Financial Times
Fatih Birol, the IEA’s Executive Director, at the Third Global Conference on Energy Efficiency in 2018 where the Efficient World Financing Forum was announced. (Source: International Energy Agency/Shutterstock.com)
The world’s top energy body has come under fire from leading investors and scientists who say that its energy forecasts are not in line with the latest climate science, and could contribute to higher levels of CO₂ emissions.
In a letter to the International Energy Agency (IEA) seen by the Financial Times, businesses including Hermes Investment Management, Allianz Group and Legal & General Investment Management have asked the IEA to develop a new model with lower emissions that would line up with 1.5 C of warming.
The IEA’s benchmark annual World Energy Outlook is considered the definitive assessment of the energy sector, but critics say its models do not go far enough in mapping the deep cuts in carbon emissions needed to limit the worst climate impacts and are too fossil-fuel friendly as a result.