Energy world has shifted forever, IEA chief says

No going back, says energy chief

Fatih Birol, head of the International Energy Agency, told TIME on November thirteen that the Iran war has triggered permanent structural shifts in global energy markets that cannot be reversed.

“I don't see any credible pathway in which the world of energy is going back where it was before the Iran War”

Countries choose to build, not import

Energy security concerns are driving countries toward renewable energy, efficiency measures, economic diversification, new trade partnerships and investments in next-generation batteries and nuclear power.

“Instead of importing energy, they are deciding to build energy”

Electrification becomes the focus

Less than a quarter of final energy consumption currently comes from electricity. The COP31 presidency is pushing countries to pledge reliance on electricity for thirty-five percent of final energy consumption by twenty thirty-five.

Trillion-dollar investment wave ahead

The International Energy Agency projects annual global investment in electricity generation, battery storage and grids could total two point five trillion dollars by twenty thirty-five, a one trillion dollar increase from last year.

The age of electricity is here

Birol said two years ago the world was entering the age of electricity.He told TIME that current numbers confirm the shift is now underway, reshaping trade relationships and reducing oil and gas dominance in geopolitics.

“Two years ago, I said we are entering the age of electricity. I can tell you today, when I look at today's numbers, we are in the age of electricity.”