International Energy Agency

India to be main engine of global coal demand growth: IEA

15Dec

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India to be main engine of global coal demand growth: IEA

NEW DELHI: India will be the main engine of global coal demand growth through 2026, even as global consumption is estimated to top 8.5 billion tonne for the first time in 2023, the International Energy Agency said on Friday, days after the COP28 climate declaration called for driving out all fossil fuels.The IEA coal market report and forecast 2023 projected India’s coal demand rising 8% this year and 3.5% annually thereafter to 1,397 million tonnes (mt) to say this will be a key driver of upward pressure on demand, although the global trend will be set in China.India’s coal use will rise sharply is in spite of an expected trebling of solar power capacity by 2026, compared to 2021, and a target of raising the share of green power to 50% by 2030. Coal-fired generation currently accounts fo...

COP28: Exxon Mobil CEO rebuffs IEA criticism of carbon capture strategy

2Dec

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COP28: Exxon Mobil CEO rebuffs IEA criticism of carbon capture strategy

DUBAI: Exxon Mobil CEO Darren Woods on Saturday rejected the International Energy Agency's recent claim that using wide-scale carbon capture to fight climate change was an implausible "illusion", saying the same could be said about electric vehicles and solar energy. "There is no solution set out there today that is at the scale to solve the problem," Woods told Reuters on the sidelines of the COP28 climate summit in Dubai. "So, you could say that about carbon capture today, you could say that about electric vehicles, about wind, about solar. I think that criticism is legitimate for anything that we're trying to do, to start with," he said. While few commercially viable carbon-capture projects exist due to high costs, EVs now make up about 13% of the global new vehicle market, and solar a...

The Green Electric Power Grid Isn’t Coming

20Oct

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The Green Electric Power Grid Isn’t Coming

Updated Oct. 19, 2023 8:12 pm ETThe International Energy Agency said this week that 49.7 million miles of transmission lines—enough to wrap around the planet 2,000 times—will have to be built or replaced by 2040 to achieve the climate lobby’s net-zero emissions goal. This amounts to a plan for everyone to buy more metals from coal-fired plants in China.Grid investment, the IEA report argues, is needed to carry additional renewable energy “as the world deploys more electric vehicles, installs more electric heating and cooling systems, and scales up hydrogen production using electrolysis.” By its estimate, the world needs to spend $600 billion annually on grid upgrades by 2030.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Oil Demand: Economic headwinds prompt IEA to cut 2024 oil demand growth forecast

12Oct

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Oil Demand: Economic headwinds prompt IEA to cut 2024 oil demand growth forecast

LONDON: The International Energy Agency (IEA) lowered its oil demand growth forecast for 2024 in its monthly report on Thursday, suggesting harsher global economic conditions and progress on energy efficiency will weigh on consumption. The Paris-based agency revised its demand growth forecast to 880,000 barrels per day (bpd) for next year, from its previous forecast of 1 million bpd growth. However, it bumped up its 2023 demand forecast to 2.3 million bpd from a previous forecast of 2.2 million.!(function(f, b, e, v, n, t, s) { function loadFBEvents(isFBCampaignActive) { if (!isFBCampaignActive) { return; } (function(f, b, e, v, n, t, s) { if (f.fbq) return; n = f.fbq = function() { n.callMethod ? n.callMethod(...arguments) : n.queue...

Private sector must cover 90% of climate investment in EMs, says IMF

2Oct

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Private sector must cover 90% of climate investment in EMs, says IMF

The private sector needs to cover 90 per cent of climate mitigation investment needs in emerging market and developing economies (EMDEs) excluding China, as public investment growth is projected to be limited, the IMF said in its latest Global Financial Stability Report. "Yet, EMDEs face significant challenges in attracting private capital. Many have sub-investment-grade credit ratings, limiting their potential investor base and resulting in high financing costs. Even investment-grade-rated EMDEs may find it difficult to attract climate private finance due to several barriers," it added. Including China, private sector contribution could be 80 per cent of the total climate fund requirement, as China has significant domestic capability to generate such funds, th...