Fuel Consumption Declines in Europe, Credit Downgrades Loom for Fossil Fuel Industry

Fuel consumption in Europe is expected to decline due to weak economic growth and reduced demand in the manufacturing and transportation sectors. China, on the other hand, is experiencing a surge in demand for diesel-type fuel. Fitch Ratings warns that much of the fossil fuel industry may face credit downgrades due to climate risk. The International Energy Agency proposes a global strategy to limit global warming to 1.5°C, including tripling global renewable capacity and implementing innovative financing mechanisms.