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By Catherine Hours and Richard Lein Agence France-Presse PARIS, France, May 25, 2023 (AFP) — Investment in solar power is expected to overtake oil for the first time this year as clean energy spending outpaces that for fossil fuels, the IEA said in a report Thursday. While that is a welcome development, the International Energy Agency warned that investment in fossil fuels is rising when it should be falling fast to achieve net zero emissions […]
PARIS, France (AFP) — Gas consumption will contract slightly this year due to high prices and Russian cuts to Europe, with only slow growth over coming years as consumers switch to alternatives, the IEA said Tuesday. The International Energy Agency chopped its forecast for global gas demand by more than half in its latest quarterly report on gas markets. It now expects growth of just 3.4 percent by 2025, an increase of 140 billion cubic […]
PARIS, France (AFP) — The International Energy Agency on Friday urged governments to urgently implement measures to cut global oil consumption within months following supply fears stemming from Russia’s invasion of Ukraine. The IEA also called on the OPEC+ group of oil-producing nations led by Saudi Arabia and Russia to help “relieve the strain” on markets, while warning that the world faced the biggest shock to supply “in decades”. The outbreak of war in Ukraine […]
PARIS, France (AFP) – The International Energy Agency cut its world oil demand forecast for 2022 on Wednesday, warning that sanctions against Russia over its invasion of Ukraine could spark a global supply “shock”. “Faced with what could turn into the biggest supply crisis in decades, global energy markets are at a crossroads,” the IEA said in a monthly report. “While it is still too early to know how events will unfold, the crisis may […]
WASHINGTON, United States (AFP) — The United States will contribute half of the 60 million barrels of oil International Energy Agency (IEA) countries agreed to release Tuesday to stabilize global markets after Russia’s invasion of Ukraine, President Joe Biden said. “I can announce the United States has worked with 30 other countries to release 60 million barrels of oil from reserves around the world. America will lead that effort, releasing 30 million barrels of oil,” […]
by Patrick GALEY Agence France-Presse GLASGOW, United Kingdom (AFP) – COP26’s first week saw keynote pledges to end deforestation, phase out coal, and mobilise trillions for green investment. But observers say there is a gulf between host Britain’s proclamations and the emissions cuts that must be achieved. Mohamed Adow, director of the Nairobi-based climate think tank Power Shift Africa, told AFP that there had been “two realities” at the global climate conference in Glasgow. “One […]
PARIS, France (AFP) — Shortages of natural gas and coal have triggered a switch to oil, boosting demand for crude and fuelling a rise in prices, the International Energy Agency said Thursday. The IEA, which advises governments on energy policy, said it now expects global oil demand for this year and 2022 to be higher than in its previous forecast. “Oil prices are scaling multi-year highs as a shortage of natural gas, LNG (liquefied natural […]
by Marlowe HOOD Agence France-Presse PARIS, France (AFP) — Falling fossil fuel demand coupled with mounting risk for investors could slash the value of oil, gas and coal reserves by two thirds, sending shock waves through the global economy, energy analysts warned Thursday. The value of projected profits for the sector could also fall by two thirds, according to a report from Carbon Tracker, a non-profit financial think tank focused on aligning capital markets with […]
by Patrick GALEY Agence France-Presse PARIS, France (AFP) — COVID-19 is expected to cause global energy emissions to fall a record eight percent this year due to an unprecedented drop in demand for coal, oil and gas, the International Energy Agency said Thursday. The IEA’s Global Energy Review was based on an analysis of electricity demand over more than 100 days, during which much of the world has entered lockdown in a bid to control the […]
by Richard LEIN Agence France Presse Global oil demand will suffer its first quarterly drop in a decade as the COVID-19 virus lashes the economy in China and its impact ripples throughout the world, the IEA said Thursday. “Global oil demand has been hit hard by the novel coronavirus (COVID-19) and the widespread shutdown of China’s economy,” the International Energy Agency said in its latest monthly report. “Demand is now expected to fall by […]
by Patrick GALEY Agence France-Presse PARIS, France (AFP) – Global energy-related CO2 emissions “flattened” in 2019 following two years of increases owing to greater use of renewables and an accelerating shift from coal to gas, the International Energy Agency said Tuesday. Electricity generation produced around 33 billion tonnes of CO2 last year, defying forecasts that emissions from power would continue their upward trend. The IEA said that emissions from coal — the most polluting fossil […]
PARIS, France (AFP) – While certain oil and gas majors have sought to burnish their green credentials, overall less than one percent of the sector’s total investment is going into clean energy projects, a report said Monday. Experts are increasingly worried that that target set in the 2015 Paris accord to limit global temperature rises to “well below” 2C is rapidly becoming unattainable, condemning the world to a cascade of costly droughts, superstorms, floods and […]
