‘The damage is done’: global oil crisis has changed fossil fuel industry for ever, IEA chief says

‘There will be a significant boost to renewables and nuclear power and a further shift towards a more electrified future,’ Birol said. Photograph: Lukas Coch/AP

The oil crisis triggered by the Iran war has changed the fossil fuel industry for ever, turning countries away from fossil fuels to secure energy supplies, the world’s leading energy economist said.

Fatih Birol, the executive director of the International Energy Agency (IEA), also said that, despite pressure, the UK should forgo much of its potential North Sea expansion.