As governments worldwide introduce new climate policies with greater levels of funding for renewable energy projects and decarbonisation efforts, more and more companies are launching green energy projects. But with more clean energy comes a higher demand for key metals and minerals, needed for renewable energy equipment components, electric vehicles, …
Read More »China Leans on Coal as Hydropower Slumps
China is investing record amounts of money into renewable energy sources, but it continues to rely heavily on coal to cope with rising power demand. During the first half of this year, coal production, coal imports, and coal-fired electricity generation jumped and offset a significant decline in power output at …
Read More »COP28 and IEA Convene First High-Level Dialogue on Building a 1.5°C-Aligned Energy Transition
The COP28 UAE Presidency and the International Energy Agency (IEA) have convened the first in a landmark series of high-level dialogues through to COP28 around building a 1.5°C-aligned energy transition. The initiative is being conducted in conjunction with the International Renewable Energy Agency (IRENA) and is supported by the United …
Read More »IEA Chief Says Oil Demand Projections Depend on China’s Growth
The International Energy Agency (IEA) will revise its global oil demand growth projections based on the economic growth prospects of China and some other countries, its executive director Fatih Barol said on Saturday. He reiterated the IEA’s view that oil markets are expected to tighten in the second half of …
Read More »IEA: Major Uncertainties Remain for EU Gas Market
The European gas market still faced “major uncertainties” ahead of winter and a full halt to Russian gas flows could reignite tension, said the International Energy Agency (IEA). “Fierce competition for gas supplies could also emerge if northeast Asia experiences colder than usual weather and economic growth is stronger than …
Read More »Wind and Solar to Generate 33% of Global Power by 2030
Wind and solar power generation will continue surging to the point of accounting for more than one-third of global electricity by 2030, up from 12% now, according to a new analysis by the Rocky Mountain Institute (RMI), a nonprofit organization focused on the energy transition. The expected further surge in …
Read More »IEA Revises down Oil Demand Outlook but still Sees Record
The International Energy Agency has revised down its forecast for oil demand growth this year, due to “persistent macroeconomic headwinds”, but it still expects global consumption to reach a record 102.1m bbl/day. The Paris-based intergovernmental organisation estimated global oil demand would grow by 2.2m bbl/day in 2023, down from its …
Read More »IEA Warns of a Spike in Energy Prices this Winter
Energy prices could spike again this winter, the head of the International Energy Agency has warned. Speaking to the BBC, Fatih Birol said that if China’s economic recovery from the pandemic accelerated later this year and the winter in the northern hemisphere was harsher than last year’s, prices would rise. …
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 »IEA: Climate Goals Need Clean Energy Surge in Global South
Financing for clean energy in developing and emerging economies excluding China must increase seven-fold within a decade if global warming is to be capped at tolerable levels, the International Energy Agency said Wednesday. To keep Paris climate temperature goals in play, annual investment for non-fossil fuel energy in these countries …
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