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☆ The electric car revolution is on track, says IEA
▼ + stars: | 2024-04-23 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

“The continued momentum behind electric cars is clear in our data, although it is stronger in some markets than others,” IEA executive director Fatih Birol said in a statement. Last year, global EV sales grew 35% to almost 14 million. “Intensifying market competition and improving battery technologies are expected to reduce (EV) prices in the coming years,” the IEA said. “Growing electric car exports from Chinese automakers, which accounted for more than half of all electric car sales in 2023, could add to downward pressure on purchase prices,” it added. By 2030, almost one in three cars on the roads in China is set to be electric, according to the IEA.

Persons: —, Tesla, “, Fatih Birol, China’s BYD, Brandon Bell, EVs, ” Birol Organizations: London CNN — Global, International Energy Agency, IEA, Li, Getty, European Union, EV, Volkswagen, Audi, BMW Locations: China, Chinese, Germany, United States, Austin , Texas, EVs, Europe

☆ Oil-and-Gas Companies Account for Only 1% of Clean-Energy Investment Globally, IEA Says
▼ + stars: | 2023-11-24 | by ( Giulia Petroni | ) www.wsj.com time to read: +4 min

Less than half of oil-and-gas output globally comes from companies that have set targets to reduce emissions from operations, the IEA said. In addition, cutting emissions from oil-and-gas companies’ operations and energy usage is “one of the cheapest options to reduce GHG [greenhouse gases] emissions generally,” the IEA said. As of today, less than half of oil-and-gas output globally comes from companies that have set targets to reduce emissions from operations, the IEA said. Total energy investment is estimated at $2.8 trillion in the current year, with around $1.8 trillion on clean energy and $1 trillion on oil, gas and coal. In its net-zero scenario, the IEA forecasts annual fossil fuel investment dropping by $500 billion to 2030 and clean-energy investment increasing by more than $2 trillion.

Persons: turar, Fatih Birol, “, ” Birol, Giulia Petroni Organizations: Reuters, United Arab, International Energy Agency, IEA, giulia.petroni@wsj.com Locations: United Arab Emirates, decarbonization, Paris

☆ ‘Moment of truth’ for oil industry: Deepen the climate crisis or help fix it
▼ + stars: | 2023-11-23 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +4 min

London CNN —Oil and gas producers must confront a “pivotal” choice: continue to accelerate the climate crisis or become part of the solution, the International Energy Agency said in a report Thursday. “The oil and gas industry is facing a moment of truth at COP28 in Dubai,” IEA Executive Director Fatih Birol said in a statement. This pollution needs to be cut by more than 60% by 2030 from today’s level, the IEA report says. The industry invested around $20 billion in clean energy projects last year — only around 2.5% of its total capital spending, the IEA found. Such an increase would mean a radical change in how oil and gas firms spend their cash.

Persons: Fatih Birol, Birol, ” Birol, what’s, Kaisa Kosonen Organizations: London CNN —, International Energy Agency, United, and Gas Industry, IEA, Greenpeace International Locations: COP28, United Nations, Dubai

“Today we are again facing a crisis in the Middle East that could once again shock oil markets," said IEA Executive Director Fatih Birol. That comes on top of the stress on energy markets from Russia's cutoff of natural gas to Europe over its invasion of Ukraine, he said. Political Cartoons View All 1215 ImagesFossil fuel prices are down from 2022 peaks, but “markets are tense and volatile," said the IEA in the report. “Some of the immediate pressures from the global energy crisis have eased, but energy markets, geopolitics, and the global economy are unsettled and the risk of further disruption is ever present,” it said. “We have solar, wind, nuclear power, electric cars.

Persons: Fatih Birol, “, ” Birol, Birol, ” Organizations: International Energy Agency, Associated Press, Hamas, Israel, Nations, IEA, AP Locations: FRANKFURT, Germany, Gaza, Europe, Ukraine, Israel, China

☆ IEA: 'Unstoppable' energy transition means demand for oil, gas, and coal to peak by 2030
▼ + stars: | 2023-10-24 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Global demand for oil, natural gas and coal — and the carbon pollution they generate — are expected to peak later this decade, according to a new report by the International Energy Agency. Driving the shift will be the “phenomenal rise” of clean sources of energy, the Paris-based agency said in its annual World Energy Outlook report, published Tuesday. The world’s second biggest economy — and largest energy consumer — has reached an “inflection point,” the IEA said, with its total energy demand set to peak around the middle of the decade. “We are today facing a major geopolitical crisis in the Middle East that could shock oil markets once again and deeply, because many oil producing countries are in that region,” Birol told reporters. “This comes on top of the insecurity that we had in the natural gas markets… after the invasion of Ukraine by Russia,” he added.

Persons: it’s, ’ —, Fatih Birol, —, Hess, Brent, Birol, ” Birol, ” Organizations: London CNN — Global, International Energy Agency, Energy, ”, Organization of, Petroleum, —, ExxonMobil, Chevron, IEA Locations: Paris, China, Israel, Ukraine, Russia, Northern Hemisphere

FRANKFURT, Germany (AP) — Stalled spending on electrical grids worldwide is slowing the rollout of renewable energy and could put efforts to limit climate change at risk if millions of miles of power lines are not added or refurbished in the next few years, the International Energy Agency said. The stalled projects could generate 1,500 gigawatts of power, or five times the amount of solar and wind capacity that was added worldwide last year, he said. Annual investment has been stagnant but needs to double to more than $600 billion a year by 2030, the agency said. The report cited the South Link transmission project to carry wind power from northern to southern Germany. First planned in 2014, it was delayed after political opposition to an overhead line meant it was buried instead.

Persons: —, Fatih Birol, “, ” Birol, ”, It's Organizations: International Energy Agency, Associated Press, Construction Locations: FRANKFURT, Germany, Paris, China, India, Biscay, Spain, France, New Mexico, Arizona, California, East Coast, Canada, New England, Maine

PREVIEWBirol pointed to a “powerful alignment of major factors,” driving clean-energy spending higher, while spending on oil and other fossil fuels remains subdued. The Covid-19 pandemic appears to have marked a turning point for global energy spending, the IEA’s data shows. While clean-energy spending has boomed, spending on fossil fuels has been tepid. Investments in clean energy and fossil fuels were largely neck-and-neck in the years leading up to the pandemic, but have diverged sharply since. “If there is not enough investment globally to reduce the oil demand growth and there is no investment at the same time [in] upstream oil we may see further volatility in global oil prices,” Birol said.

☆ America and Saudi Arabia are locked in a bitter battle over oil. The stakes are massive
▼ + stars: | 2022-10-28 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN Business —The relationship between the United States and Saudi Arabia is one of the most important on the planet. Biden visited Saudi Arabia over the summer and even fist-bumped Crown Prince Mohammed bin Salman. Saudi Arabia could respond to penalties from Washington with drastic steps of their own, ratcheting up the conflict further. Saudi Arabia is sitting on roughly $119 billion of US debt, according to Treasury Department data, making it the world’s 16th largest holder of Treasuries. All of this explains why a full-blown breakdown in relations between the United States and Saudi Arabia may be the last thing the fragile economy needs right now.

☆ World is in its ‘first truly global energy crisis,’ says IEA chief
▼ + stars: | 2022-10-25 | by ( ) edition.cnn.com time to read: +3 min

Singapore CNN Business —Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of “the first truly global energy crisis,” the head of the International Energy Agency (IEA) said on Tuesday. For oil, consumption is expected to grow by 1.7 million bpd in 2023 so the world will still need Russian oil to meet demand, Birol said. “I think this is good because the world still needs Russian oil to flow into the market for now. Energy security drives renewables growthThe energy crisis could be a turning point for accelerating clean sources and for forming a sustainable and secured energy system, Birol said. “Energy security is the number one driver (of the energy transition),” said Birol, as countries see energy technologies and renewables as a solution.

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