Global demand for fossil fuels will peak in 2023, says thinktank

Oil and gas firms’ assets at risk from massive growth in wind and solar, says Carbon Tracker

Global demand for fossil fuels will peak in 2023, an influential thinktank has predicted, posing a significant risk to financial markets because trillions of dollars’ worth of oil, coal and gas assets could be left worthless.

Explosive growth in wind and solar will combine with action on climate change and slowing growth in energy needs to ensure that fossil fuel demand peaks in the 2020s, Carbon Tracker predicted.

Related: North Sea oil and gas drilling falls to lowest level since 1965

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