“Accelerating the energy transition will ease shocks to our energy systems, better protect our economies and households from high costs,” Mr Bowen said.
The institutions made this known in a joint statement on Friday.
The IEA director previously warned that the energy crisis was set to hit harder in April as oil supply constraints worsen.
The heads of the IEA, the IMF, and the World Bank Group have committed to ensuring a resilient recovery for member countries affected by the Middle East crisis.
The IRGC has warned of potential sea mines in the Strait of Hormuz, advising vessels to avoid the main shipping lanes amid ongoing tensions, even with a ceasefire with the U.S.
The heads of the International Energy Agency, the International Monetary Fund and the World Bank Group have agreed to form a joint coordination group.
U.S. President Donald Trump said he would release strategic oil reserves to stabilise rapidly rising prices.
The managing director of the Bank of Industry, Olasupo Olusi, has called for deliberate and coordinated actions to unlock Africa’s full industrial potential.
Global electric vehicle sales are expected to exceed 20 million this year, accounting for more than 25 per cent of all vehicles sold.
The International Energy Agency has urged global cooperation to ensure the security of supplies amid a tightening global gas market.
