Global energy demand rose 1% last year and record renewables growth did nothing to shift the dominance of fossil fuels, which still accounted for 82% of supply, the industry’s Statistical Review of World Energy report said on Monday. Last year was marked by turmoil in the energy markets after Russia’s …
Read More »EU Urges IMO to Set Net-Zero Emissions Target for 2050
On 21 June 2023, the EU Delegation to the UN, together with Denmark, Palau and Samoa, and with the participation of Special Adviser to the UN Secretary-General and ASG of the Climate Action Selwin Hart, hosted a meeting in New York on climate and shipping, outlining the EU’s proposals for …
Read More »OPEC Says Oil Demand will Hit 110 Million Barrels per Day in 2045
Global oil demand will rise to 110 million barrels a day in about 20 years, pushing the world’s energy demand up by 23%, said OPEC on Monday. “Oil is irreplaceable for the foreseeable future,” Secretary General Haitham Al Ghais of the Organisation of the Petroleum Exporting Countries said while addressing …
Read More »Equinor to Develop 60-Megawatt Solar Plant in Poland
Equinor’s second Polish solar plant has started test production in the north of the country. The 60MW Zagórzyca solar plant, located in the Damnica municipality, was developed and will be operated by the Polish renewable power producer Wento, Equinor’s 100% subsidiary. Equinor acquired Wento and its 1.6GW pipeline of solar …
Read More »Asia Surges Ahead in the Global EV Race
China has been leading the electric vehicles (EV) manufacturing race in recent years, and now the region can expect a big EV infrastructure boost to promote the uptake of environmentally friendly vehicles. Both China and India expect to see huge investments in their EV industries, with the construction of thousands …
Read More »IEA: India to Add 1 mb/d of Refining Capacity by 2028
India, the world’s fourth largest crude oil refiner, is expected to add one million barrels per day (mb/d) of refining capacity in the next five years. According to the latest refining capacity numbers by the International Energy Agency (IEA), India will increase its refining capacity from 5.2 mb/d in 2022 …
Read More »EU Emissions to Begin Falling again from this Year after Pandemic Surge
The EU’s carbon emissions could decline again from 2023 amid continued growth in renewable energy generation capacity, Goldman Sachs has said. The bloc’s emissions rose 9 per cent from 2020 to 2022, driven by a surge in transport demand after the Covid-19, and significant gas-to-coal switching in the power generation …
Read More »China Keeps Coal, Gas-Fired Plants as Backup for Green Power
Record heat across Asia is putting its surging renewable power fleet to the test, highlighting the need for backup supply, transmission system upgrades and tariff reforms to ensure reliability and stave off a slowdown in green energy adoption. Temperatures in parts of the region breached 40 Celsius (104 Fahrenheit) in …
Read More »Key LNG Buyer Faces Possible Glut amid Warmer Winter
An unusually warm winter in the southern hemisphere is threatening to saddle Argentina with a glut of liquefied natural gas. Argentina is spending about $1.8 billion to import 44 LNG cargoes this year, with 20 already delivered and the remainder scheduled to arrive in the coming months. The mild weather …
Read More »Aramco, TotalEnergies Sign $11 Billion Contract to Build Petrochemicals Complex in Saudi Arabia
Saudi Arabian Oil Company (Aramco) and TotalEnergies have signed an $11 billion contract to start building a new petrochemicals complex in Saudi Arabia, the two companies said in a joint statement on Saturday. “Aramco and TotalEnergies today awarded Engineering, Procurement and Construction (EPC) contracts for the $11 billion “Amiral” complex, …
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