Istanbul:International Energy Agency Executive Director Fatih Birol has announced a grim outlook for the global energy crisis, projecting it to persist until 2027. He emphasized that the world will continue grappling with the crisis's effects as nations strive to find alternative energy sources and enhance supply security.

According to Anadolu Agency – English, Birol conveyed his views remotely during the Investment Summit Towards COP31 in Istanbul. He mentioned that global developments and current energy policies give little hope for a return to normalcy in the near future. Despite attempts to remain optimistic, Birol stated he finds no convincing argument for a resolution by 2027.

Birol highlighted the crisis's impact on various sectors, such as the economy, agriculture, and energy, particularly referencing the situation in the Strait of Hormuz. This has led to a reevaluation of strategies by governments, companies, and investors. Drawing comparisons to the oil crises of the 1970s, he noted the potential for similar shifts in energy development and efficiency.

He labeled COP31 as a significant opportunity for Turkey and the global community, suggesting that the current crisis could galvanize support for achieving substantial outcomes. A key goal proposed by Birol is to boost the global electricity share from 23% to 35% by 2035, an initiative he hopes countries will endorse at the Antalya summit. This electrification move aims to bolster energy security and cut emissions, providing a unifying goal amidst international tensions.

Birol also expressed confidence in the level of participation and the potential agreement on electrification as critical indicators of COP31's success, noting his optimism about the number of governments expected to attend and their level of representation.