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we are entering the age of electricity the more we go for clean energy the more resistant we are to this crisis because nobody can take solar or vid as a [Music] hostage welcome to the big question the series from EUR news will we speak to some of the biggest names in business I’m Hannah Brown and today I’m joined by Dr fatty BAU the executive director of the International Energy agency so thank you for joining us again um You released the world energy Outlook 2024 in October so can you tell me what has changed in the past year what progress have has been made so at the world energy Outlook we see at least two major Trends which is important for Europeans but for the entire world one of them is when it comes to oil and natural gas which are key for our economies for our Industries in the next years to come we expected that the prices we see a downward pressure okay which is a good news for uh the economy because of a lot of new production Supply will come and the demand especially for oil is weaker than in the past because Chinese economy is getting weaker and lots of electric cars are sold around the world so this is one news which will make the hands of the energy buying countries stronger than the energy exporting countries this is number one the second one is that there was Industrial Revolution centuries ago and with this we had the age of coal followed by age of oil we use a lot of oil we still use oil we will use more but we see that we are entering the age of electricity yeah now lots of electricity is used for again the cars in the developing world most and more air conditioners are sold they are major source of electrification and the AI chips demand a lot of electricity so we are moving the age of electricity and the good news is most of this electricity is going to come from clean energy solar wind hydrop power geotherm and nuclear power as we’re hurtling towards 2013 and all of the climate goals associated with it how are the current Global conflicts affecting the energy transition in fact climate change is a global problem M the emissions going to Atmosphere from Jakarta or from Leon or from Johannesburg or from Stockholm it has the same effect on everybody yes emissions don’t have a passport which means that we need a global solution and internet naal collaboration countries coming together which is the easiest way to solve this problem but what I’m seeing today is there is a fragmentation among the countries which is making the life much more difficult to reach our climate cause so I see this as a key barrier MH in front of uh having a global solution to one of the most important threats uh of our planet and I very much hope that despite this political divisions among the countries when it comes to climate change countries uh are able to come together we shouldn’t forget that climate change is a problem of uh not only tomorrow but also today yes and thinking about today how vulnerable is the current energy situation and what would happen if more conflict emerges I really hope that we will have less crisis and the issue is the more we go for clean energy with the solar wind hydrop power the more resistant we are to this crisis because nobody can take solar or wind as a hostage yes you can do oil and gas but not solar and wind and the others so in fact the more this energy secured threats as a result of the political tensions here and there we see the stronger the push for clean energies not only for climate change reasons but for energy security reason reasons so this is an interesting dilemma interesting yeah and so you mentioned um wind and solar and and those green energies being a really good way of protecting us from future Global crisis exactly is there any other green energies that you think are severely underdeveloped that we really need to be thinking more about going forward I think there is one which should be more and more important in Europe but in also in other parts of the world which is geothermal energy okay and this can help uh us to generate electricity uh without interruption it is not going to be bound by the availability of like solar and wind with the nature but it is uh 24/7 uh there and second it is clean energy so we are working on to bring the cost of geothermal energy down so it also complements solar and wind brilliant um looking forward um you know next year you’ll be putting out the next World energy Outlet what would you like to see change before then I really want to see that the countries instead of having difficulty with each other politically they come together especially when it comes to Global issues such as climate change and try to get some consensus how we go forward this is the major major challenge we see today especially when it comes to support emerging and developing countries clean energy uh financing there because we see a lot of investment happening clean energy but big chunk of it is happening in the advanced economies in China only a small portion is happening in the emerging and developing world where the bu of the population lives today and actually on that topic of investment um how have we in the past year how have we seen kind of the investments into clean clean energies develop well it’s going well uh so uh just to give you an example uh 6 years ago the entire investment of energy in the world was 2 trillion okay 1 trillion for clean energy 1 trillion fossil fuels okay this year the entire is 3 trillion one still for fossil but two for clean so clean went from one to two double the CLE investment this a very good news not high enough but still a good increase doubling but the problem is most of them are in advanced economies in China so if it’s not enough what does it need to be um in order to for us to achieve the goals that we have set so what is lacking today is the financing clean energy in emerging and developing uh countries 85% of this two trillion is in advanced economies such as Europe United States Canada and others and China 15% in the rest of the world where more than 2/3 of the global population lives so so we have to find ways to support those countries yes okay brilliant well um thank you so much for your time today and for joining us again on the big question it was a pleasure thank you very much thank you very much thank you and thank you for watching tune in next Monday for another brand new episode of the big question [Music]