National carbon prices and similar mechanisms are urgently needed as a part of countries’ concrete national net-zero policies, International Energy Agency (IEA) Executive Director Fatih Birol told the World Bank Group’s virtual climate action event Innovate4Climate on 26 May. The IEA recently released a report describing how a rapid rise …
Read More »OPEC: IEA Net-Zero Scenario may Lead to Oil-Price Volatility
The Organization of the Petroleum Exporting Countries (OPEC) stated that the scenario provided in the International Energy Agency’s (IEA) report could affect companies’ investments and demand for oil, Reuters reported. According to the report, investors should not fund new oil, gas, and coal supply projects if the world wants to …
Read More »OPEC Says IEA Net-Zero Pathway could Add to Oil-Price Volatility
OPEC has said that an IEA report suggesting that investors should not fund new oil projects to curb emissions could lead to oil-price volatility if it is acted on. The International Energy Agency on Tuesday said investors should not fund new oil, gas and coal supply projects if the world …
Read More »IEA Net-Zero Roadmap has No Place for Further Oil & Gas Exploration
In the IEA’s “net-zero emissions by 2050 scenario”, fossil fuels make up slightly more than one-fifth of total energy supply, down from almost four-fifths today. Supplies would become increasingly concentrated with a small number of low-cost producers. OPEC’s share of a much-reduced global oil supply grows from around 37% in …
Read More »The World’s Top Energy Agency Reckons with Net-Zero Emissions
Ours is a global society accustomed to eternal debate and marginal change distributed over many years. But it won’t do in the era of climate change. That’s the message of the International Energy Agency’s “Net Zero by 2050” report. The energy transition, the historically staid body says, is an all-hands-on-deck …
Read More »OPEC’s Oil Exports Have Jumped by 1 Million Bpd in May
OPEC’s oil exports have jumped by 1 million barrels per day (bpd) so far in May, while the OPEC+ group started easing the production cuts by 350,000 bpd this month, tanker tracker Petro-Logistics said on Monday. At the ministerial meeting in early April, the OPEC+ group decided to gradually return …
Read More »World Faces ‘Looming Mismatch’ between Energy Transition and Critical Mineral Supply
Progress on the world’s rising climate action ambitions could be undermined by a shortage of some of the critical minerals used in clean-energy technologies including wind turbines, solar farms and electric vehicles (EVs), unless governments act now to head-off a “looming mismatch” in supply and demand, according to a far-reaching …
Read More »IEA: EV Sales Growing, but Need Support to Grow Even Faster
Global EV sales grew 41% last year, but must accelerate even faster to meet climate and energy goals, the International Energy Agency said Thursday. Under current trends, 145 million EVs, including cars, trucks, and busses, will be on the world’s roads by 2030, approximately 7% of the total fleet. That …
Read More »Renewable Projects Dominate Asian Energy Recovery
As national and regional economies continue to recover from the recessions induced by the COVID-19 pandemic, more than 800 power generation projects, dominated by renewables, are now in the Asian pipeline outside China, representing at least $316 billion in investment opportunities, according to a recent EY report. Of that total, …
Read More »CO2 Increase for 2021 Predicted to be Largest in over a Decade
Global CO2 emissions from energy are seen rising nearly 5% this year, suggesting the economic rebound from Covid-19 could be “anything but sustainable” for the climate, the International Energy Agency says. The IEA’s Global Energy Review 2021 predicted carbon dioxide emissions would rise to 33 billion tonnes this year, up …
Read More »