IEA: Gas 2nd Largest Energy Source by 2030

Source: Tomohiro Ohsumi | Bloomberg | Getty Images

Source: Tomohiro Ohsumi | Bloomberg | Getty Images

Coal, your time is limited.

According to the International Energy Agency (IEA), it will be replaced by natural gas as the world’s second largest energy source within the next 12 years. The estimates are based on the IEA’s "New Policies Scenario" that takes into account legislation and policies to reduce emissions and fight climate change.

The Paris-based organization said in its World Energy Outlook 2018 that energy demand would grow by more than a quarter between 2017 and 2040 assuming more efficient use of energy - but would rise by twice that much without such improvements.

Global gas demand would increase by 1.6 percent a year to 2040 and would be 45 percent higher by then than today, it said.

To read more about the IEA’s findings, click here.