Russian billionaire Oleg Deripaska is sure that the era of oil and gas will end soon.

Deripaska recalled that earlier the International Energy Agency (IEA) had warned against investing in new oil and gas projects. The industry will have to reinvent itself, the billionaire said. He added that no one expected the IEA’s turn to be hydrocarbon-free so soon.

The organization believes that the transition to renewable energy will make the world not only greener, but also richer. Moving away from fossil fuels will accelerate global GDP growth by almost half a percent per annum. In developed countries, household energy costs will fall from $2,800 to $2,300. According to the IEA, by 2050 the demand for coal will collapse by 90 percent, for oil – by 75 percent.