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Rebounding energy investment to fall short of net zero path - IEA
  + stars: | 2021-06-02 | by ( Noah Browning | ) www.reuters.com sentiment -0.91   time to read: +2 min
International Energy Agency (IEA) chief Fatih Birol speaks at a news conference on the sidelines of G20 Energy Ministers Meeting in Istanbul, Turkey, October 2, 2015. REUTERS/Osman Orsal/File PhotoInvestment in energy is on track to recover by nearly 10% in 2021 as the world emerges from the COVID-19 pandemic, the International Energy Agency (IEA) said on Wednesday, but spending will fall far short of meeting urgent climate goals. "The rebound in energy investment is a welcome sign, and I’m encouraged to see more of it flowing towards renewables,” Fatih Birol, chief of the Paris-based watchdog, said in an introduction to the annual World Energy Investment report. The IEA issued a blockbuster warning to the energy industry last month, saying investors should not fund new oil, gas and coal supply projects if the world wants to reach net zero emissions by mid-century. Its call garnered few blanket commitments, even by the club of developed nations that requested the zero carbon roadmap.
Persons: Fatih Birol, Osman Orsal, I’m, ” Fatih Birol, Birol Organizations: Energy Agency, G20 Energy, REUTERS, International Energy Agency, , Energy Investment, IEA, Thomson Locations: Istanbul, Turkey, Paris, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailClean energy investments need to triple in order to meet climate targets, IEA's Birol saysFatih Birol, executive director of the International Energy Agency, discusses the group's World Energy Investment 2021 report.
Persons: IEA's Birol, Fatih Birol Organizations: International Energy Agency, Energy
Energy agency: End new fossil fuel supply investments
  + stars: | 2021-05-18 | by ( The Associated Press | ) www.nbcnews.com + 0.00   time to read: +4 min
A report by the International Energy Agency says immediate action is needed to reshape the world’s energy sector in order to meet ambitious climate goals by 2050, including ending investments in new coal mines, oil and gas wells. The Paris-based agency said in a report released Tuesday that it has determined there is a narrow but viable pathway for building a global energy sector with net zero greenhouse gas emissions by 2050. The IEA report sets out 400 steps needed to transform how energy is produced, transported and used. Her co-author, Timur Gul, said that while the technologies exist to decarbonize the energy sector, they aren’t yet available for sectors such as aviation or heavy industry. Experts say achieving net zero emissions across all parts of the economy is essential to meet the Paris climate accord’s goal of keeping global warming below 1.5 degrees Celsius (2.7 Fahrenheit) by the end of the century compared with pre-industrial times.
Persons: Fatih Birol, ” Birol, Dave Jones, Laura Cozzi, Timur Gul, , Gul, Cozzi Organizations: International Energy Agency, European Union, IEA Locations: Paris, United States, North America, Europe, East Asia, China, India, South Africa
Radical change needed to reach net zero emissions - IEA
  + stars: | 2021-05-18 | by ( Nina Chestney | ) www.reuters.com + 0.00   time to read: +3 min
The window of opportunity for reaching net zero emissions by mid-century is narrowing unless the world radically changes the way energy is produced, used and transported, the International Energy Agency (IEA) said on Tuesday. A global climate pact agreed in 2015 to cap the rise in temperatures to as close as possible to 1.5 degrees Celsius to avoid the most devastating impacts of climate change, which requires achieving net zero greenhouse gas emissions by 2050. "The pathway to net zero is narrow but still achievable. If we want to reach net zero by 2050 we do not need any more investments in new oil, gas and coal projects," Fatih Birol, the IEA's executive director, told Reuters. To achieve net zero, by 2035, there should also be no sales of new internal combustion engine passenger cars and the global electricity sector must reach net zero emissions by 2040, the IEA said.
Persons: Fatih Birol Organizations: International Energy Agency, Reuters, Scientists, IEA, International Monetary Fund, Thomson Locations: 2.1C, Scotland
To reach global climate goals, oil production must be reduced by 75 percent by 2050, the International Energy Agency said. These are some of the milestones that the International Energy Agency said Tuesday must be achieved for the global energy industry to achieve net-zero carbon emissions by 2050. The agency acknowledges that the disruption for the global energy sector, which produces three-quarters of greenhouse gas emissions, could threaten 5 million jobs. “The contraction of oil and natural gas production will have far-reaching implications for all the countries and companies that produce these fuels,” the Paris-based group said in a news release. A halt would threaten jobs in Britain’s declining but still large oil and gas industry.
Persons: Alec Jacobson, Fatih Birol, Birol, Organizations: International Energy Agency, The New York Times Investment, Nations, Change, Organization of, Petroleum Locations: Alberta, Canada, Paris
According to the IEA's roadmap to net-zero, over 400 "milestones" will need to be achieved if the 2050 goal is to be met. Solar, according to the IEA's roadmap, will become the planet's "single largest source of total energy supply" by the middle of this century. Fossil fuels, by contrast, will see their share "fall from almost four-fifths of total energy supply today to slightly over one-fifth." The shadow of the Paris Agreement looms large over the IEA's report. The reality on the ground shows just how challenging the IEA's roadmap is.
Persons: Fatih Birol, Birol, It's Organizations: International Energy Agency, United Nations, Energy, U.S . Energy, Administration Locations: Paris, Scottish, Glasgow, U.S
IEA's Fatih Birol: The path to net zero is a daunting task
  + stars: | 2021-05-18 | by ( ) edition.cnn.com sentiment -0.95   time to read: 1 min
Executive Director Fatih Birol discusses The International Energy Agency's report on how to reach net zero carbon emissions by 2050, saying it "requires the transformation of our energy system in a very short period of time." Source: CNNBusiness
Persons: Fatih Birol Organizations: Energy
The threats from cyberattacks and extreme weather have been well known for years, but experts say wide swaths of the United States' critical infrastructure remain vulnerable. The private sector owns roughly 85% of US critical infrastructure and key resources, according to the Department of Homeland Security. If hackers demand a ransom, it's best to not payExperts say that regulators need to increase oversight of critical infrastructure. "In America, we've seen critical infrastructure taken offline by floods, fires, storms and criminal hackers," he told reporters last week. "My American Jobs Plan includes transformative investments in modernizing and in securing our critical infrastructure."
Persons: Fatih Birol, Joe Biden, it's, Robert Knake, Biden, we've, we're, Ben Sasse, Neil Shearing Organizations: CNN Business, Bell, CNN, Colonial Pipeline, US Department of Homeland Security, International Energy Agency, Twitter, Department of Homeland Security, American Society of Civil Engineers, Colonial, Transportation Security Administration, Pipeline Security, Foreign Relations, American, Republican, of Labor Statistics, Capital Economics, Walmart, Baidu, Target, Cisco, Ross, Deere Locations: London, Texas, Eastern Europe, New Jersey, East, United States, Austin , Texas, Nebraska, Europe, Macy's
Slideshow ( 2 images )LONDON (Reuters) - Renewable energy grew at its fastest pace in two decades last year, led by China, and will continue to grow in the next two years, a report by the International Energy Agency (IEA) showed on Tuesday. China accounted for 50% of renewable energy capacity growth last year and will account for 45% this year and 58% in 2022, the report said. Globally, around 270 GW of new capacity is forecast to be added this year and nearly 280 GW in 2022, the IEA said in a renewable energy market outlook. Governments auctioned 75 GW of offshore and onshore wind, solar photovoltaic and bioenergy capacity last year, up 20% from 2019. “Last year the increase in renewable capacity accounted for 90% of the entire global power sector’s expansion,” he added.
Persons: , Fatih Birol, Organizations: International Energy Agency Locations: China
Renewable power generation grew at the fastest rate in two decades last year, and that growth is set to continue in the aftermath of the pandemic, according to a new report from the International Energy Agency. IEA sees 270 GW added in 2021, followed by 280 GW in 2022. "Wind and solar power are giving us more reasons to be optimistic about our climate goals as they break record after record," said Fatih Birol, IEA's executive director. IEA believes solar installations will continue to break records, and predicts more than 160 GW installed annually by 2022. "If enacted, the bill would drive a much stronger acceleration in the deployment of renewables after 2022," the report said.
Persons: Fatih Birol, that's, Donald Trump, Joe Biden, Biden's Organizations: International Energy Agency, IEA, Energy Locations: China, U.S, Paris
A new report from the Paris-based organization, published Wednesday and entitled "The Role of Critical Minerals in Clean Energy Transitions," focuses on the importance of nickel, cobalt, lithium, copper and rare earth elements. In a statement accompanying the report's release, the IEA outlined how much the need for these materials could increase going forward. Rare earth elements and critical minerals, it added, were "vital to the manufacturing of batteries, magnets, and other components important to the clean energy economy." "By acting now and acting together, they can significantly reduce the risks of price volatility and supply disruptions," he said. The IEA's report makes six key recommendations for what it describes as a "new, comprehensive approach to mineral security."
Persons: Fatih Birol, Birol Organizations: International Energy Agency, Minerals, IEA, U.S . Department of Energy, DOE Locations: Paris
According to the IEA's Global Electric Vehicle Outlook, if governments ramp up their efforts to meet international energy and climate goals, the global electric vehicle fleet could increase further still, hitting 230 million by the end of the decade. Both of these projections exclude two- and three-wheeled electric vehicles. The Paris-based organization said roughly three million new electric cars were registered last year, a record amount and a 41% rise compared to 2019. This jump pushed the total number of electric cars on the road to over 10 million, a figure supplemented by approximately 1 million electric buses, vans and heavy trucks. Faced with these targets, major carmakers are looking to increase their electric vehicle offering and challenge Elon Musk's Tesla.
Persons: Fatih Birol, Birol, Elon Musk's Tesla, Herbert Diess, Tesla, Diess, haven't, Elon Musk Organizations: International Energy Agency, IEA's, Vehicle, IEA, Tesla, Smart Mobility, Volkswagen, CNBC, VW, Elon Locations: Paris, Europe, North America, China, Elon
Rest of the World China +80 gigawatts of coal power China continues to build more new coal power plants than it retires. +70 +60 +50 +40 New coal capacity Outside of China, countries adding the most new coal power capacity include India, Japan, Indonesia and Vietnam. +80 gigawatts of coal power +70 +60 +50 +40 New coal capacity Outside of China, countries adding the most new coal power capacity include India, Japan, Indonesia and Vietnam. +80 gigawatts of coal power +60 Outside of China, countries adding the most new coal power capacity include India, Japan, Indonesia and Vietnam. +80 gigawatts of coal power Outside of China, countries adding the most new coal power capacity include India, Japan, Indonesia and Vietnam.
Persons: Biden, Al Drago, America’s, Obama, Donald J, Trump, , Edward J, Markey, Barack Obama’s, Kevin McCarthy of, John Barrasso, , Coral Davenport, who’s, Bebeto Matthews, , Pope Francis, Kamala Harris, Janet Yellen, David Malpass, John Kerry, Benjamin Netanyahu, Israel, Bill Gates, Xi Jinping, Vladimir V, Putin, Jair, Boris Johnson, Chancellor Angela Merkel of Germany, Narendra Modi, Moon Jae, Yoshihide Suga, King Salman of, Recep Tayyip Erdogan of, Andrés Manuel López Obrador, Aishvarya Kavi, Lisa Friedman, Brandon Thibodeaux, Xi, Fatih Birol, ” Biden, Stefano Ukmar, Mr Organizations: Biden Reasserts U.S, Leadership, Trump, The New York Times, White, Environmental, Democrats, Republican, , United Nations, Associated Press, World Bank, Microsoft, Breakthrough Energy, United States ’, India, International Energy Agency, , University of California Locations: United States, China, Russia, U.S, Paris, Canada, Japan, Argentina, Korea, Massachusetts, Kevin McCarthy of California, Wyoming, America, Scotland, What’s, New York, United, Brazil, South Korea, King Salman of Saudi Arabia, Recep Tayyip Erdogan of Turkey, Mexico, Utah, India, Indonesia, Vietnam, Europe, China China, Southeast Asia, Brooklyn, Berkeley
Live Live Updates: Biden, Kicking Off Summit, Says U.S. ‘Has Resolved to Take Action’ on Climate Change President Biden committed the United States to cutting emissions by half by the end of the decade at a virtual Earth Day summit. Rest of the World China +80 gigawatts of coal power China continues to build more new coal power plants than it retires. Retirements –20 2000 2010 2020 2000 2005 2010 2015 2020 2005 2015 China +80 gigawatts of coal power China continues to build more new coal power plants than it retires. –20 2000 2005 2010 2015 2020 China China continues to build more new coal power plants than it retires. +80 gigawatts of coal power Outside of China, countries adding the most new coal power capacity include India, Japan, Indonesia and Vietnam.
Persons: , Biden, Al Drago, The New York Times Biden, America “, Biden’s, Donald J, Trump, Mr, , Xi Jinping, Xi, , Narendra Modi, ” Mr, Modi, Chancellor Angela Merkel of, Vladimir V, Putin, Justin Trudeau of, Trudeau, China, India’s, Bolsonaro, Nelson Almeida, Jair Bolsonaro, John Kerry, Brazil “, Marcio Astrini, Bolsonaro “, Justin Trudeau, Yoshihide Suga, Coral Davenport, Lisa Friedman, Somini Sengupta, Charlie Riedel, Amy Andryszak, Andryszak, Mike Sommers, Michelle Bloodworth, who’s, Bebeto Matthews, Kamala Harris, Pope Francis, Janet Yellen, David Malpass, Tom Vilsack, Alejandro N, Lloyd J, Austin III, Avril D, Linda Thomas, Greenfield, Nobuo Kishi, Jens Stoltenberg, Benjamin Netanyahu, Israel, Pete Buttigieg, Katherine C, Michael R, Bill Gates, Jair, Boris Johnson, Chancellor Angela Merkel of Germany, Moon Jae, King Salman of, Recep Tayyip Erdogan of, Andrés Manuel López Obrador, Obama, Aishvarya Kavi, Meridith Kohut, ” John Kerry, REDD, Nigel Purvis, Purvis, Alexei Druzhinin, Douglas Brinkley, We’ve, Brinkley, , Antony J, Blinken, Emmanuel Macron, Justin Tallis, Emanuel, Brandon Thibodeaux, Fatih Birol, Kevin Lamarque, Sharon Lavigne, James, Lisa Murkowski, Vanita Gupta, Anna Moneymaker, Department’s, Gupta, Gupta’s, ” Ms, Murkowski, Tom Coleman, Rick Perry, Grover Norquist, John Cornyn, Nancy Pelosi, Douglass Commonwealth —, Frederick Douglass, Organizations: Says, ., The New York Times, White, Thursday, Trump, greening, Republicans, Mr, , United, Justin Trudeau of Canada, United Nations, Asia, Agence France, Getty, Environmental Services, India, Natural Gas Association of America, American Petroleum Institute, Associated Press, World Bank, Homeland, U.S, NATO, Bloomberg, Microsoft, Breakthrough Energy, United States ’, Unilever, GlaxoSmithKline, Companies, Climate Advisers, International Energy Agency, , Crude, Washington, Justice Department’s Civil, Division, Credit, The New York, Biden, Civil Rights Division, Republican, New York University’s School of Law, NAACP Legal Defense, Educational Fund, American Civil Liberties Union, Conservative, Koch Industries, Grover, National Sheriffs ’ Association, Major Cities Chiefs Association, International Association of Chiefs, Police, Democratic, D.C, Douglass Commonwealth, Senate, Democrat, Management Locations: United States, China, India, Russia, Canada, Japan, Paris, Scotland, Para, Brazil, Sakhalin, States, U.S, New York, United, South Korea, King Salman of Saudi Arabia, Recep Tayyip Erdogan of Turkey, Mexico, Britain, Norway, The New York Times Britain, Indonesia, Switzerland, Moscow, France, Utah, Vietnam, Europe, China China, Southeast Asia, Washington, Latin America, Americas, New York City, Louisiana, Alaska, New, Tulia , Texas, Texas, California
LONDON — The decline in carbon emissions that marked a slight silver lining at the start of the pandemic is set to disappear. Global carbon emissions in 2021 are projected to bounce back significantly, marking what could be the second-largest annual increase ever recorded, a major report said Tuesday. The Covid-19 pandemic led to historically low carbon emissions compared to 2019 figures, as planes were grounded and cars left idle on driveways. Emerging economies will account for 70 percent of the year's energy demand increase, the IEA said. A return to pre-crisis levels of oil demand would push carbon emissions up a further 1.5 percent, the report said.
Persons: Fatih Birol, , hoHKeU1Tek, E46BNBYaJ2, hasn't, Joe Biden Organizations: International Energy Agency, NBC, Twitter, U.S, Transportation, United Nations Locations: Paris, Europe, Asia, China
'Dire warning' for the planet: Coal is powering the economic recovery
  + stars: | 2021-04-20 | by ( Julia Horowitz | Cnn Business | ) edition.cnn.com sentiment -0.99   time to read: +1 min
London (CNN Business) Global carbon dioxide emissions are set to surge dangerously this year as the global economy undergoes a huge recovery. "This is a dire warning that the economic recovery from the Covid crisis is currently anything but sustainable for our climate," Executive Director Fatih Birol said in a statement. "Unless governments around the world move rapidly to start cutting emissions, we are likely to face an even worse situation in 2022." The Paris-based group is sounding the alarm before 40 world leaders come together later this week for a two-day summit on the climate crisis convened by President Joe Biden. As countries around the world locked down last year and people were instructed to stay at home to limit Covid-19 infections, emissions fell dramatically.
Persons: Fatih Birol, Joe Biden, Birol Organizations: London, CNN Business, International Energy Agency Locations: Asia, China, Paris
It would reflect the single largest increase in emissions since 2010 and the second-largest increase in history. "This is a dire warning that the economic recovery from the Covid crisis is currently anything but sustainable for our climate," Fatih Birol, executive director of the IEA, said in the report. "Unless governments around the world move rapidly to start cutting emissions, we are likely to face an even worse situation in 2022," he added. It remains a key focus ahead of COP26, although some climate scientists now believe that achieving the 1.5 degrees Celsius target is already "virtually impossible." Coal use in the U.S. and European Union is also expected to rise in 2021, the IEA said, but will remain "well below" pre-crisis levels.
Persons: Fatih Birol, Joe Biden, Birol Organizations: — Energy, International Energy Agency, Global Energy Locations: Paris, Glasgow, Scotland, COP21, COP26, Asia, China, U.S, Union
IEA issues 'dire warning' on CO2 emissions as it predicts 5% rise
  + stars: | 2021-04-20 | by ( Nina Chestney | ) www.reuters.com sentiment -0.98   time to read: +2 min
The IEA's Global Energy Review 2021 predicted carbon dioxide emissions would rise to 33 billion tonnes this year, up 1.5 billion tonnes from 2020 levels in the largest single increase in more than a decade. Last year, when power use dropped due to the COVID-19 pandemic, energy-related CO2 emissions fell by 5.8% to 31.5 billion tonnes, after peaking in 2019 at 33.4 billion tonnes. Global energy demand is set to increase by 4.6% in 2021, led by developing economies, pushing it above 2019 levels, the report said. Demand for all fossil fuels is on course to grow in 2021, with both coal and gas set to rise above 2019 levels. The expected rise in coal use dwarves that of renewables by almost 60%, despite accelerating demand for solar, wind and hydro power.
Persons: Xu, Fatih Birol, Birol, Joe Biden Organizations: REUTERS, International Energy Agency, Global Energy, European, Thomson Locations: Harbin, Heilongjiang province, China, COVID, Asia, Scotland, United States, European Union
Why copper and lithium could be 'the new oil'
  + stars: | 2021-04-20 | by ( Julia Horowitz | Cnn Business | ) edition.cnn.com + 0.00   time to read: +7 min
A version of this story first appeared in CNN Business' Before the Bell newsletter. You can sign up right hereLondon (CNN Business) For decades, crude oil has been at the center of global commodities markets. But as countries around the world try to combat the climate crisis, oil could take a backseat, while metals like copper and lithium gain prominence. "The critical role copper will play in achieving the Paris climate goals cannot be overstated," Goldman Sachs analysts said in a recent research note titled "Copper is the new oil." The company is hosting its first event of 2021 on Tuesday, and expectations are high, my CNN Business colleague Samantha Murphy Kelly reports.
Persons: Goldman Sachs, There's, Australia's, Fatih Birol, Joe Biden, Birol, Samantha Murphy Kelly, uptick, Kerry Flynn, Mark Zuckerberg, Casey Newton, it's, Zuckerberg, Johnson, Lockheed Martin LMT Philip Morris Organizations: CNN Business, Bell, CNN, Macquarie Research, Galaxy, International Energy Agency, The, Apple, ABI Research, YouTube, Facebook, SNAP, Johnson, Lockheed, Lockheed Martin LMT Philip Morris International, Procter, Gamble, Xerox, CSX CSX Netflix Locations: London, Paris, The Paris, Asia, China
Factbox: Pandemic brings forward predictions for peak oil demand
  + stars: | 2020-11-27 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +4 min
(Reuters) - The COVID-19 pandemic this year has dented oil consumption and brought forward forecasts by energy majors, producers and analysts for when the world’s demand for oil may peak. While there is no consensus on when oil demand could peak, the revised predictions mark a boon to the fight against climate change and could weigh on oil companies’ plans to explore for and develop new resources. Graphic: BP peak oil:Equinor - 2027-2028Norwegian oil and gas firm Equinor expects global oil demand to peak by around 2027-2028, two to three years earlier than the company previously forecast. “Earlier assumptions for peak oil demand to happen around 2030 may be challenged,” the Norwegian oil major said in its annual energy outlook. “Energy demand, and certainty mobility demand, will be lower even when this crisis is more or less behind us.
Persons: Lucy Nicholson, , Artyom Tchen, , Fatih Birol, Goldman Sachs, Ben van Beurden, ” van Beurden Organizations: Reuters, REUTERS, Bernstein Energy, Rystad, Rystad Energy, International Energy Agency, IEA, OPEC, Organization for, Petroleum, , Oil, Shell, “ Energy Locations: Bakersfield , California, Paris, Opec
Elon Musk's electric vehicle and renewable energy company Tesla is poised to become the largest company ever added to the S&P 500. But the attention that the world's wealthy are paying to climate change is far more widespread than just at the level of the market's billionaires. There is a saying that you should keep your politics out of your pocketbook, and that is increasingly the case for wealthy investors when the issue is climate change. As he tells members of Tiger 21's new climate investing group, you don't have to believe in climate change to know it is going to transform economies. Zoom In Icon Arrows pointing outwards Solar and clean energy ETFs show a dramatic rise in the value of climate investing in 2020.
Persons: Jeff Bezos, Bezos, Tesla, Michael Sonnenfeldt, Sonnenfeldt, Biden, Andrew Lee, Lee, Fatih Birol, ESG, There's Organizations: Seattle, Bloomberg, Getty, Elon, Tiger, MIT Sloan Management School, MIT, Renewables, UBS Global Wealth Management, European Union, International Energy Agency, IEA, UBS, Private Locations: Costa Rica, Canada, Dallas, Houston, Europe, corporates, U.S, China, California, PWC
ET Market Rally Fizzles as Political Uncertainty Lingers: Live Business Updates RIGHT NOW Renewable power is growing strongly despite the pandemic. The theater chain said guests could rent any of its approximately 600 theaters nationwide, with fees starting at $99. Mr. Birol said that a return to the Paris accord on climate change by the United States, as President-elect Joseph R. Biden Jr. has pledged, could give “very strong momentum” to this drive, leading to a doubling of renewables capacity in the United States over five years. Many believe the likelihood of a Brexit agreement has increased, in part because of the election of Joseph R. Biden Jr. in the United States. Plus, the United States is still setting records for new coronavirus cases and it could be months before a vaccine is widely available.
Persons: Angela Weiss, , , Elizabeth Frank, “ Tenet, Grandpa ”, Suzie Howell, ” Fatih Birol, Birol, Joseph R, Biden, Elliott Verdier, Adam Satariano, Amazon, Jacquelyn Martin, Boris Johnson, Mitch McConnell, Trump Organizations: AMC, Agence France, AMC Entertainment, Rentals, Independent, The New York Times, International Energy Agency, Union, Amazon, The New York Times European, European Commission, Apple, Facebook, Google, Associated Press Stock, Pfizer, U.S ., European Union, West Texas Intermediate, Republicans Locations: United States, North, England, Paris, , Europe, Asia, France, Washington, U.S, Britain, Northern Ireland, Republic of Ireland
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