Fuel Consumption Declines in Europe, Saudi Arabia Pursues Green Initiative, and Climate Risk Threatens Fossil Fuel Industry

Fuel consumption in Europe is declining 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 due to its booming property sector. Saudi Arabia is pursuing a green initiative to generate half of its electricity with renewables and reduce emissions. Fitch Ratings warns that much of the fossil fuel industry may face credit downgrades due to climate risk. The IEA proposes a global strategy to limit global warming to 1.5C, including tripling global renewable capacity and implementing innovative financing mechanisms.