A special report now on the Green Energy Transition.

I'm David Brancatia. The International Energy Agency has a new report that could make uncomfortable reading for fossil fuel companies. It predicts a dramatic shift toward

renewable energy by the end of this decade. Marketplace's Nancy Marshall Genser reports.

The International Energy Agency says global demand for fossil fuels will peak by 2030.

But the report says demand for oil and gas will stay close to that peak for the next 20 years.

Still it predicts that by the end of this decade the world

will get almost 50% of its electricity from renewables, up from about 30% now.

The agency says there will be almost 10 times more electric cars on the road worldwide by 2030

and about half of the new vehicles sold in the U.S. will be electric because of incentives in the

Inflation Reduction Act, but those incentives could end under a Republican

President and the International Energy Agency says even if its predictions are correct,

demand for fossil fuels will make it impossible to limit global

warming to 1.5 degrees Celsius, the goal of the Paris Agreement. I'm Nancy

Marshall Genser for Marketplace.

Now we're already dealing with the costs of climate change.

That is the message from 130 companies

that have just approved a letter urging world leaders

to ditch fossil fuels, at least when it comes to energy

production. They want them to do so by 2035 that's when a first grader now

approaches high school graduation. Next month those leaders will gather in Dubai for the

latest United Nations Climate Summit, cop 28 it's called. Right now the world's

biggest economies are likely to miss emissions targets by 2035 and companies are

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