Welcome to Seeking Office Wall Street Lunch.

Our afternoon update on today's market action news and analysis.

Good afternoon. Today is Tuesday, September 12th, and I'm your host, Kim Kahn.

Our top story so far today, the International Energy Agency now predicts that

demand for coal, natural gas, and oil will likely peak before 2030. The IEA says the decline in fossil fuel

consumption will start this decade because of the ongoing shift to renewable

power and wider electric vehicle adoption.

In an op-ed with the F.T. Executive Director Fatty Burrell said we are witnessing the beginning

of the end of the fossil fuel era, and we have to prepare ourselves for the next era.

This is the result of renewables increasingly outmatching gas for producing electricity,

the rise of heat pumps, and Europe's accelerated shift away from gas following Russia's invasion of Ukraine, he added.

Even in China, the world's largest coal consumer, the impressive growth of renewables and

nuclear power, alongside a slower economy, point to a decrease in coal use soon.

Paul Donovan of UBS says,

this shifting demand reflects the evolution of economics.

The economic problem is allocating limited resources

amongst unlimited needs.

Impact economics recognizes that people's needs now include sustainability and diversity.

Also today, Occidental Petroleum's 1.5 carbon removal subsidiary said Amazon agreed to purchase 250,000 metric tons of carbon removal credits.

Amazon will buy the credits over 10 years from Stratus, which is the direct air capture plant

Occidental is building in Texas.

Occidental is investing $1 billion in Stratus as direct air capture seeks to become a viable carbon removal solution to help

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