The International Energy Agency is warning of a sharp drop in global oil demand this year, as the closure of the Strait of Hormuz disrupts supplies and high fuel prices force consumers to cut back. The IEA now expects global oil demand to fall by 1.6 million barrels a day, significantly worse than its previous forecast.


IEA cuts oil demand forecast on war impact

IEA Chief Fatih Birol has warned that the global economy faces an unprecedented energy shock, with over 40 energy assets across the Middle East severely damaged by ongoing conflict, surpassing the severity of 1970s oil crises. Combined with closures in the Strait of Hormuz, this crisis poses a "major threat" to global supply stability, withno country immune. 


IEA Chief: World Facing Unprecedented Energy Shock; At Least 40 Energy Assets 'Severely' Damaged

The world is staring at an unprecedented energy shock, according to the International Energy Agency. IEA chief Fatih Birol has warned that the ongoing war could hit every country, triggering serious economic consequences. As energy markets turn volatile, fears of a global slowdown are growing stronger by the day.


Global Energy Shock Warning: IEA Chief Says No Country Will Be Spared

Global energy markets are on edge as tensions escalate in West Asia.
Oil prices have surged and fears of supply disruptions are rising. But the world’s energy watchdog says there is no immediate need to release emergency oil reserves.
The international energy agency says supply remains adequate for now, even as geopolitical risks mount.

IEA Sees No Need to Tap Oil Reserves Yet

The International Energy Agency forecasts a major oil surplus by 2030. Global oil demand, including biofuels, is expected to plateau at around 106 million barrels per day, up from just over 102 million barrels per day in 2023.

IEA projects 8 million barrel per day oil surplus by 2030

The growing popularity of sports utility vehicles (SUVs) is significantly impacting global oil demand and CO2 emissions. According to a report by the International Energy Agency (IEA), the love for larger cars like SUVs accounted for more than a quarter of the annual global demand growth for oil and 20% of the added energy-related CO2 emissions. This trend underscores the pressing environmental concerns posed by these vehicles and the challenges they create for sustainable transportation.

SUV popularity continues to rise

SUVs, known for being heavier and less fuel-efficient than smaller cars, have seen a dramatic rise in popularity over the past decade. In 2023, SUVs accounted for a record 48% of global car sales, up from 41.4% in 2020 and a mere 20.58% in 2013. This increase highlights a significant shift in consumer preferences towards larger vehicles.

"If SUVs were a country, they would be the world’s fifth-largest emitter of CO2," the IEA stated, emphasising the substantial environmental footprint of these vehicles. Over 2022 and 2023, global oil consumption directly related to SUVs rose by over 600,000 barrels per day, contributing more than a quarter of the overall annual growth in oil demand.

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Environmental impact of SUVs

The environmental impact of the growing number of SUVs on the roads is profound. With more than 360 million SUVs globally in 2023, combustion-related CO2 emissions from these vehicles reached 1 billion tons. This figure represents an increase of approximately 100 million tons from the previous year. The IEA report indicates that large, heavy passenger vehicles were responsible for over 20% of the growth in global energy-related CO2 emissions last year.

The preference for SUVs extends beyond traditional internal combustion engines to electric vehicles as well. While only about 5% of the SUVs on the road are electric, their share in the segment is increasing. Globally, around 45% of electric cars are SUVs, with this number rising to 55% in advanced economies. However, these larger electric vehicles pose their own set of challenges due to their increased use of critical minerals, as they require larger batteries.

Policy responses to curb SUV use

In response to the environmental impact of SUVs, several countries have implemented measures to discourage their use. One common approach is to increase parking fees for large, energy-intensive cars. For instance, Paris tripled the cost of parking fees for SUVs compared to smaller cars earlier this year. Other cities, such as Lyon in France and Tübingen in Germany, have also begun incorporating vehicle weight into parking fees as part of their strategies to reduce pollution, protect the climate, and free up pedestrian space.

These measures aim to make it less convenient and more expensive to own and operate large vehicles in urban areas, thereby encouraging the use of smaller, more fuel-efficient cars and alternative modes of transportation.

The road ahead

The IEA report highlights the need for more robust policies and consumer awareness to address the environmental impact of SUVs. As the world grapples with the effects of climate change, reducing the carbon footprint of the transportation sector is crucial. This includes not only promoting the adoption of electric vehicles but also encouraging a shift away from larger, less efficient vehicles.

While electric SUVs offer a cleaner alternative to their gasoline-powered counterparts, their production and operation still require significant resources. Therefore, a holistic approach is needed to address the challenges posed by SUVs, including improving fuel efficiency, advancing battery technology, and enhancing public transportation infrastructure.

The surge in SUV popularity is a significant driver of increased oil demand and CO2 emissions. Addressing this issue requires a combination of regulatory measures, technological advancements, and shifts in consumer behaviour. As cities and countries implement strategies to curb the use of large vehicles, the transportation sector can move towards a more sustainable and environmentally friendly future.

The growing popularity of sports utility vehicles (SUVs) is significantly impacting global oil demand and CO2 emissions. According to a report by the International Energy Agency (IEA), the love for larger cars like SUVs accounted for more than a quarter of the annual global demand growth for oil and 20% of the added energy-related CO2 emissions.

The growing popularity of sports utility vehicles (SUVs) is significantly impacting global oil demand and CO2 emissions. According to a report by the International Energy Agency (IEA), the love for larger cars like SUVs accounted for more than a quarter of the annual global demand growth for oil and 20% of the added energy-related CO2 emissions. This trend underscores the pressing environmental concerns posed by these vehicles and the challenges they create for sustainable transportation. SUV popularity continues to rise SUVs, known for being heavier and less fuel-efficient than smaller cars, have seen a dramatic rise in popularity over the past decade. In 2023, SUVs accounted for a record 48% of global car sales, up from 41.4% in 2020 and a mere 20.58% in 2013. This increase highlights a significant shift in consumer preferences towards larger vehicles. "If SUVs were a country, they would be the world’s fifth-largest emitter of CO2," the IEA stated, emphasising the substantial environmental footprint of these vehicles. Over 2022 and 2023, global oil consumption directly related to SUVs rose by over 600,000 barrels per day, contributing more than a quarter of the overall annual growth in oil demand. Also Read: Stellantis announces hybrid model production in Italy amid electrification uncertainty Environmental impact of SUVs The environmental impact of the growing number of SUVs on the roads is profound. With more than 360 million SUVs globally in 2023, combustion-related CO2 emissions from these vehicles reached 1 billion tons. This figure represents an increase of approximately 100 million tons from the previous year. The IEA report indicates that large, heavy passenger vehicles were responsible for over 20% of the growth in global energy-related CO2 emissions last year. The preference for SUVs extends beyond traditional internal combustion engines to electric vehicles as well. While only about 5% of the SUVs on the road are electric, their share in the segment is increasing. Globally, around 45% of electric cars are SUVs, with this number rising to 55% in advanced economies. However, these larger electric vehicles pose their own set of challenges due to their increased use of critical minerals, as they require larger batteries. Policy responses to curb SUV use In response to the environmental impact of SUVs, several countries have implemented measures to discourage their use. One common approach is to increase parking fees for large, energy-intensive cars. For instance, Paris tripled the cost of parking fees for SUVs compared to smaller cars earlier this year. Other cities, such as Lyon in France and Tübingen in Germany, have also begun incorporating vehicle weight into parking fees as part of their strategies to reduce pollution, protect the climate, and free up pedestrian space. These measures aim to make it less convenient and more expensive to own and operate large vehicles in urban areas, thereby encouraging the use of smaller, more fuel-efficient cars and alternative modes of transportation. The road ahead The IEA report highlights the need for more robust policies and consumer awareness to address the environmental impact of SUVs. As the world grapples with the effects of climate change, reducing the carbon footprint of the transportation sector is crucial. This includes not only promoting the adoption of electric vehicles but also encouraging a shift away from larger, less efficient vehicles. While electric SUVs offer a cleaner alternative to their gasoline-powered counterparts, their production and operation still require significant resources. Therefore, a holistic approach is needed to address the challenges posed by SUVs, including improving fuel efficiency, advancing battery technology, and enhancing public transportation infrastructure. The surge in SUV popularity is a significant driver of increased oil demand and CO2 emissions. Addressing this issue requires a combination of regulatory measures, technological advancements, and shifts in consumer behaviour. As cities and countries implement strategies to curb the use of large vehicles, the transportation sector can move towards a more sustainable and environmentally friendly future.

SUVs drive up global oil demand and CO2 emissions: IEA report

The world added 50 percent more renewable energy capacity in 2023 over the previous year but more is needed in the battle against climate change, the International Energy Agency said Thursday.

The increase was the fastest growth rate in the past two decades and the 22nd year in a row that renewable capacity additions set a new record, the Paris-based IEA said.

The rise was driven by China, the planet's biggest emitter of greenhouse gases but also what the IEA called "the world's renewables powerhouse".

Massively scaling up the deployment of solar and wind power while winding down the use of fossil fuels is crucial to achieving the goal of limiting global warming to 1.5 degrees Celsius from pre-industrial levels.

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But the world is not on pace to reach the goal of tripling renewable capacity by 2030, a target agreed by nearly 200 nations at the UN's COP28 climate summit in Dubai last month, the IEA said.

The COP28 agreement also called for "transitioning away" from fossil fuels, but without setting a timeline and short of a "phase-out" demanded by many nations but opposed by oil giant Saudi Arabia.

Global renewable capacity is expected to increase 2.5 times from 2022 levels by the end of the decade, the agency's annual report on the sector found.

"It's not enough yet to reach the COP28 goal of tripling renewables, but we're moving closer –- and governments have the tools needed to close the gap," IEA Executive Director Fatih Birol said.

Birol said onshore wind and solar panels were less expensive now than fossil fuel plants in most countries.

"The most important challenge for the international community is rapidly scaling up financing and deployment of renewables in most emerging and developing economies," he said.

"Success in meeting the tripling goal will hinge on this," Birol added.

<h2>All-time highs</h2>

The agency, which advises developed countries on energy policy, said renewable capacity reached almost 510 gigawatts last year, with solar photovoltaics (PV) accounting for three-quarters of additions worldwide.

China commissioned as much solar PV last year as the entire world did in 2022, while the country's wind power additions rose by 66 percent year-on-year.

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Increases in Europe, the United States and Brazil "also hit all-time highs", the energy watchdog said.

Prices for solar PV devices fell by 50 percent in 2023 compared to the previous year.

The IEA said costs are expected to fall further as global manufacturing capacity is forecast to significantly exceed demand by the end of 2024.

The wind industry, however, is facing "a more challenging environment due to a combination of ongoing supply chain disruption, higher costs and long permitting timelines", the report said.

<h2>'Not fast enough'</h2>

Dave Jones, global insights programme director at the Ember think tank, said the sector's 2023 growth "makes it clear that a tripling of renewables is entirely achievable".

"We are increasingly on track not only for a peaking of fossil fuel use this decade, but for sizable falls in fossil fuel use," Jones said.

"2024 will be the year that renewables changed from a nuisance for the fossil fuel industry, to an existential threat," he added.

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Dean Cooper, global energy lead at conservation group WWF, said renewable energy generation was increasing "fast but not fast enough".

"We will not avert climate catastrophe while fossil fuels continue to be burned," he said.&nbsp;

"Those who want to see a liveable planet should increase pressure on their government to convert words into action by demanding they urgently transform their energy systems," he said.

The world added 50 percent more renewable energy capacity in 2023 over the previous year but more is needed in the battle against climate change, the International Energy Agency said Thursday.

The world added 50 percent more renewable energy capacity in 2023 over the previous year but more is needed in the battle against climate change, the International Energy Agency said Thursday. The increase was the fastest growth rate in the past two decades and the 22nd year in a row that renewable capacity additions set a new record, the Paris-based IEA said. The rise was driven by China, the planet's biggest emitter of greenhouse gases but also what the IEA called "the world's renewables powerhouse". Massively scaling up the deployment of solar and wind power while winding down the use of fossil fuels is crucial to achieving the goal of limiting global warming to 1.5 degrees Celsius from pre-industrial levels. Watch | First Solar opens factory near Chennai to make solar panels × But the world is not on pace to reach the goal of tripling renewable capacity by 2030, a target agreed by nearly 200 nations at the UN's COP28 climate summit in Dubai last month, the IEA said. The COP28 agreement also called for "transitioning away" from fossil fuels, but without setting a timeline and short of a "phase-out" demanded by many nations but opposed by oil giant Saudi Arabia. Global renewable capacity is expected to increase 2.5 times from 2022 levels by the end of the decade, the agency's annual report on the sector found. "It's not enough yet to reach the COP28 goal of tripling renewables, but we're moving closer –- and governments have the tools needed to close the gap," IEA Executive Director Fatih Birol said. Birol said onshore wind and solar panels were less expensive now than fossil fuel plants in most countries. "The most important challenge for the international community is rapidly scaling up financing and deployment of renewables in most emerging and developing economies," he said. "Success in meeting the tripling goal will hinge on this," Birol added. All-time highs The agency, which advises developed countries on energy policy, said renewable capacity reached almost 510 gigawatts last year, with solar photovoltaics (PV) accounting for three-quarters of additions worldwide. China commissioned as much solar PV last year as the entire world did in 2022, while the country's wind power additions rose by 66 percent year-on-year. Also Read | Discovery of over 30 unknown bacteria species might help find new treatments Increases in Europe, the United States and Brazil "also hit all-time highs", the energy watchdog said. Prices for solar PV devices fell by 50 percent in 2023 compared to the previous year. The IEA said costs are expected to fall further as global manufacturing capacity is forecast to significantly exceed demand by the end of 2024. The wind industry, however, is facing "a more challenging environment due to a combination of ongoing supply chain disruption, higher costs and long permitting timelines", the report said. 'Not fast enough' Dave Jones, global insights programme director at the Ember think tank, said the sector's 2023 growth "makes it clear that a tripling of renewables is entirely achievable". "We are increasingly on track not only for a peaking of fossil fuel use this decade, but for sizable falls in fossil fuel use," Jones said. "2024 will be the year that renewables changed from a nuisance for the fossil fuel industry, to an existential threat," he added. Also Read | Tens of thousands of invisible nanoplastic particles present in bottled water: Study Dean Cooper, global energy lead at conservation group WWF, said renewable energy generation was increasing "fast but not fast enough". "We will not avert climate catastrophe while fossil fuels continue to be burned," he said. "Those who want to see a liveable planet should increase pressure on their government to convert words into action by demanding they urgently transform their energy systems," he said.

World added 50% more renewable energy but more needed: IEA

The International Energy Agency (IEA) has signalled a significant deceleration in global oil demand growth, citing economic weakness in key nations. Bloomberg cited the monthly report, wherein the IEA slashed estimates for the final quarter of 2023, reducing consumption growth by nearly 400,000 barrels a day. The report suggests a pronounced slowdown in oil demand, attributing it to the ongoing deterioration in the macroeconomic climate globally.<o:p></o:p>

The IEA points to evidence of a diminishing momentum in oil demand growth, stating, “The increasingly apparent loss of oil demand growth momentum reflects the deterioration in the macroeconomic climate”. <o:p></o:p>

The economic downturn is impacting crude prices, which recently hit a five-month low below $73 a barrel in London. The decline, around 23 per cent since late September, is linked to concerns over oversupply and China's economic outlook, coupled with increased oil output from various exporters.<o:p></o:p>

Despite OPEC+ announcing fresh production cutbacks on November 30, aiming to eliminate an anticipated oversupply in the first quarter, the IEA notes that this move will come at a cost for the coalition. It predicts that OPEC+ will witness its market share reduced to the lowest level since its formation seven years ago. The report also highlights the impact on the market dynamics, with a surge in supply from the US, squeezing out traditional Middle Eastern producers like Saudi Arabia.<o:p></o:p>

The IEA underscores the challenge for key producers in defending their market share and maintaining oil prices, especially with the continuous rise in global output and a simultaneous slowdown in demand growth. The report emphasises that the growth in American oil production, exceeding 20 million barrels a day in September, is contributing to the complexity of the situation.<o:p></o:p>

Europe, Russia, and the Middle East are the driving forces behind the IEA's downgrade of fourth-quarter demand estimates. Europe, in particular, is facing a softening demand due to a broad manufacturing and industrial slump, along with headwinds from higher interest rates.<o:p></o:p>

While global oil demand is expected to increase substantially this year by 2.3 million barrels a day, reaching a record average of 101.7 million a day, the IEA anticipates a significant slowdown next year. Growth is projected to decrease by approximately 50 per cent to 1.1 million barrels a day as the post-pandemic consumption rebound subsides, and consumers shift towards more efficient or electric vehicles. The agency suggests that the rise in consumption can likely be met by a corresponding increase in non-OPEC+ supplies.<o:p></o:p>

This anticipated slowdown aligns with the goals agreed upon at the COP28 climate talks in the United Arab Emirates, which concluded with a pledge to transition away from fossil fuels.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

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The International Energy Agency (IEA) has signalled a significant deceleration in global oil demand growth, citing economic weakness in key nations. Bloomberg cited the monthly report, wherein the IEA slashed estimates for the final quarter of 2023, reducing consumption growth by nearly 400,000 barrels a day.

The International Energy Agency (IEA) has signalled a significant deceleration in global oil demand growth, citing economic weakness in key nations. Bloomberg cited the monthly report, wherein the IEA slashed estimates for the final quarter of 2023, reducing consumption growth by nearly 400,000 barrels a day. The report suggests a pronounced slowdown in oil demand, attributing it to the ongoing deterioration in the macroeconomic climate globally. The IEA points to evidence of a diminishing momentum in oil demand growth, stating, “The increasingly apparent loss of oil demand growth momentum reflects the deterioration in the macroeconomic climate”. The economic downturn is impacting crude prices, which recently hit a five-month low below $73 a barrel in London. The decline, around 23 per cent since late September, is linked to concerns over oversupply and China's economic outlook, coupled with increased oil output from various exporters. Despite OPEC+ announcing fresh production cutbacks on November 30, aiming to eliminate an anticipated oversupply in the first quarter, the IEA notes that this move will come at a cost for the coalition. It predicts that OPEC+ will witness its market share reduced to the lowest level since its formation seven years ago. The report also highlights the impact on the market dynamics, with a surge in supply from the US, squeezing out traditional Middle Eastern producers like Saudi Arabia. The IEA underscores the challenge for key producers in defending their market share and maintaining oil prices, especially with the continuous rise in global output and a simultaneous slowdown in demand growth. The report emphasises that the growth in American oil production, exceeding 20 million barrels a day in September, is contributing to the complexity of the situation. Europe, Russia, and the Middle East are the driving forces behind the IEA's downgrade of fourth-quarter demand estimates. Europe, in particular, is facing a softening demand due to a broad manufacturing and industrial slump, along with headwinds from higher interest rates. While global oil demand is expected to increase substantially this year by 2.3 million barrels a day, reaching a record average of 101.7 million a day, the IEA anticipates a significant slowdown next year. Growth is projected to decrease by approximately 50 per cent to 1.1 million barrels a day as the post-pandemic consumption rebound subsides, and consumers shift towards more efficient or electric vehicles. The agency suggests that the rise in consumption can likely be met by a corresponding increase in non-OPEC+ supplies. This anticipated slowdown aligns with the goals agreed upon at the COP28 climate talks in the United Arab Emirates, which concluded with a pledge to transition away from fossil fuels. (With inputs from Bloomberg) WATCH WION LIVE HERE

Global oil demand faces sharp slowdown as economic woes bite, IEA warns

The International Energy Agency (IEA) on Sunday (Dec 10) released its first detailed assessment of the ongoing COP28 climate talks in Dubai, and it couldn’t be more concerning.

The experts concluded that despite the commitments made during the summit by more than 100 nations, the world was still off track to cap global warming to the crucial 1.5-degree threshold.

The analysis showed that fresh pledges would lead to reduced gas emissions by four gigatons; however, it was just one-third of what was required.

The pledges “would not be nearly enough” to keep global heating to 1.5 degrees, said an IEA statement.

The IEA’s Executive Director Fatih Birol was quoted as saying by CNN that enough countries had not joined pledges to wean themselves off fossil fuels.

“The IEA’s very latest assessment of these pledges shows that if they are fully implemented by their signatories to date, they would bridge only 30% of the gap to reaching international climate goals,” Birol told CNN.&nbsp;

"There is a need for more countries and companies to join the pledges — and for agreement on an orderly and just decline of global fossil fuel use if we want to keep the 1.5 °C goal in reach," he added.

<h2>Key pledges</h2>

Over 120 countries, including the United States, have agreed to triple global renewable energy capacity and double energy efficiency measures.&nbsp;

Fifty major oil and gas companies, such as Exxon and Saudi Aramco, have committed to reducing methane emissions by 80 to 90 per cent.&nbsp;

Similarly, companies have also pledged to abandon the practice of flaring by 2030. Flaring is the deliberate burning of natural gas during oil extraction.&nbsp;

<a href="https://www.wionews.com/world/climate-financing-progress-made-at-cop28-but-is-it-enough-667272">Also read:&nbsp;Climate financing: Progress made at COP28, but is it enough?</a>

Companies sometimes flare natural gas to depressurise systems during oil drilling, though, at other times, flaring occurs when an operator doesn’t need or want to collect all the gas available, often because it’s cheaper to burn it than collect it.

<h2>Contention</h2>

However, negotiations on language related to all fossil fuels, including oil and gas, are proving contentious.&nbsp;

While over 100 countries support a fossil fuel phase-out, some oil-producing nations resist any reference to reducing oil and gas.&nbsp;

Watch:&nbsp;COP28 summit in Dubai: India offers to host climate talks in 2028

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These discussions come amidst the backdrop of 2023 being officially recognised as the hottest year on record, marked by severe climate-related events worldwide.

(With inputs from agencies)

The International Energy Agency (IEA) on Sunday (Dec 10) released its first detailed assessment of the ongoing COP28 climate talks in Dubai, and it couldn’t be more concerning.

The International Energy Agency (IEA) on Sunday (Dec 10) released its first detailed assessment of the ongoing COP28 climate talks in Dubai, and it couldn’t be more concerning. The experts concluded that despite the commitments made during the summit by more than 100 nations, the world was still off track to cap global warming to the crucial 1.5-degree threshold. The analysis showed that fresh pledges would lead to reduced gas emissions by four gigatons; however, it was just one-third of what was required. The pledges “would not be nearly enough” to keep global heating to 1.5 degrees, said an IEA statement. The IEA’s Executive Director Fatih Birol was quoted as saying by CNN that enough countries had not joined pledges to wean themselves off fossil fuels. “The IEA’s very latest assessment of these pledges shows that if they are fully implemented by their signatories to date, they would bridge only 30% of the gap to reaching international climate goals,” Birol told CNN. "There is a need for more countries and companies to join the pledges — and for agreement on an orderly and just decline of global fossil fuel use if we want to keep the 1.5 °C goal in reach," he added. Key pledges Over 120 countries, including the United States, have agreed to triple global renewable energy capacity and double energy efficiency measures. Fifty major oil and gas companies, such as Exxon and Saudi Aramco, have committed to reducing methane emissions by 80 to 90 per cent. Similarly, companies have also pledged to abandon the practice of flaring by 2030. Flaring is the deliberate burning of natural gas during oil extraction. Also read: Climate financing: Progress made at COP28, but is it enough? Companies sometimes flare natural gas to depressurise systems during oil drilling, though, at other times, flaring occurs when an operator doesn’t need or want to collect all the gas available, often because it’s cheaper to burn it than collect it. Contention However, negotiations on language related to all fossil fuels, including oil and gas, are proving contentious. While over 100 countries support a fossil fuel phase-out, some oil-producing nations resist any reference to reducing oil and gas. Watch: COP28 summit in Dubai: India offers to host climate talks in 2028 × These discussions come amidst the backdrop of 2023 being officially recognised as the hottest year on record, marked by severe climate-related events worldwide. (With inputs from agencies)

‘Not enough,’ International Energy Agency issues grim assessment of COP28 pledges

India will record the highest growth in demand for energy among countries or regions over the next three decades, with power consumption for running household air conditioners alone rising nine-fold by 2050 to outstrip the present-day consumption in Africa, according to the International Energy Agency.

Substantial cut likely in India's CO2 emissions by 2050: IEA

Chief of International Energy Agency (IEA) said on Tuesday (September 26) that record investment and development in clean energy technology has revived hopes that global warming can be limited within the goal range of 1.5 degrees Celsius (2.7 degrees Fahrenheit). But Fatih Birol also said that starting next decade, the world would need investment of nearly USD 4.5 trillion per year in order to make transition to cleaner energy. This is considerably more than the USD 1.8 trillion spending expected this year.

"The pathway to 1.5C has narrowed in the past two years, but clean energy technologies are keeping it open," Birol was quoted as saying by AFP.

This year has seen temperatures rise to record levels in many parts of the world. The global averages have been around 1.1C higher in comparison to pre-industrial average.

That compares with the goal set by the 2015 UN Paris Agreement to keep global temperature rises well below 2C, while pursuing efforts to limit them to 1.5C to prevent the most severe consequences, such as drought, floods and increased wildfires.

IEA made an upate to its Net Zero Roadmap. The roadmap suggests scenarios to reach net zero emissions by the middle of the century. IEA has said that an increase in solar power capacity and in Electric Vehicle sales since the year 2021 are keeping the global efforrs in line with the targets.

The agency however said that much more effort was still needed as by 2030 it is necessary to triple global renewable capacity, double energy-efficient infrastructure and further rise in heat pump sales and electric vehicles.

The IEA has also called for 75 per cent cuts in methane emissions from energy sector by 2030. It has been estimated that this would cost USD 75 billion. The figure is just two per cent of the net income of the oil and gas industry in 2022.

Also Read | <a href="https://www.wionews.com/world/climate-change-brown-bears-cubs-starve-and-die-in-japan-due-to-lack-of-salmon-639800">Climate change: Brown bears cubs starve and die in Japan due to lack of salmon</a>

The report said that agency's pathway to net zero will also need equitable transition. This will involve considering national circumstances and requiring advanced economies to reach net zero sooner than developing economies.

"Governments need to separate climate from geopolitics, given the scale of the challenge at hand," Birol said.

(With inputs from agencies)

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&nbsp;

Chief of International Energy Agency (IEA) said on Tuesday (September 26) that record investment and development in clean energy technology has revived hopes that global warming can be limited within the goal range of 1.

Chief of International Energy Agency (IEA) said on Tuesday (September 26) that record investment and development in clean energy technology has revived hopes that global warming can be limited within the goal range of 1.5 degrees Celsius (2.7 degrees Fahrenheit). But Fatih Birol also said that starting next decade, the world would need investment of nearly USD 4.5 trillion per year in order to make transition to cleaner energy. This is considerably more than the USD 1.8 trillion spending expected this year. "The pathway to 1.5C has narrowed in the past two years, but clean energy technologies are keeping it open," Birol was quoted as saying by AFP. This year has seen temperatures rise to record levels in many parts of the world. The global averages have been around 1.1C higher in comparison to pre-industrial average. That compares with the goal set by the 2015 UN Paris Agreement to keep global temperature rises well below 2C, while pursuing efforts to limit them to 1.5C to prevent the most severe consequences, such as drought, floods and increased wildfires. IEA made an upate to its Net Zero Roadmap. The roadmap suggests scenarios to reach net zero emissions by the middle of the century. IEA has said that an increase in solar power capacity and in Electric Vehicle sales since the year 2021 are keeping the global efforrs in line with the targets. The agency however said that much more effort was still needed as by 2030 it is necessary to triple global renewable capacity, double energy-efficient infrastructure and further rise in heat pump sales and electric vehicles. The IEA has also called for 75 per cent cuts in methane emissions from energy sector by 2030. It has been estimated that this would cost USD 75 billion. The figure is just two per cent of the net income of the oil and gas industry in 2022. Also Read | Climate change: Brown bears cubs starve and die in Japan due to lack of salmon The report said that agency's pathway to net zero will also need equitable transition. This will involve considering national circumstances and requiring advanced economies to reach net zero sooner than developing economies. "Governments need to separate climate from geopolitics, given the scale of the challenge at hand," Birol said. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

World energy watchdog chief says 1.5C global warming limit still achievable

The head of the International Energy Agency urged the United States and China to set aside their differences and align on climate change, warning in an interview Monday that "geopolitical fractures" risked holding back the clean energy transition.

Speaking at the African Climate Summit in Nairobi, Fatih Birol told AFP that these international rifts, partly stoked by Russia's invasion of Ukraine, are "becoming more and more pronounced".

"When I look at the future of energy and climate, I see that the best and most optimistic agenda is that clean energy is set to dominate the game," he said.

But he said geopolitical tensions were casting a "big shadow" because "international collaboration between the major players will be much more challenging".

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That is a problem, with the world currently moving too slowly to meet the Paris Agreement goals to limit warming. 
He singled out the US and China, the world's two biggest emitters, urging them to come together at the crunch COP28 climate talks in Dubai in November-December and "leave aside their tensions" -- both geopolitical and economic -- to seek joint or at least common positions on key issues.

The November climate summit in oil-rich United Arab Emirates will likely be dominated by clashing visions on energy.

Birol told AFP that global tensions were "definitely" holding back progress in the clean energy transition and warned of a "big pushback" from some countries and companies, without naming them.

But he said despite this change is happening, with more than 80 percent of the power plants built in the world last year focusing on renewable energy.

<h2>'Injustice'&nbsp;</h2>

Birol said Africa was primed to play a "pivotal" role in the energy transition, with huge renewable potential and some 40 percent of the critical minerals needed for batteries and hydrogen fuel cells.

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He said that countries in the region might need to continue to exploit their gas resources for certain activities, which he argued would not significantly increase the continent's tiny carbon footprint -- roughly 3 percent of global emissions.

The energy chief urged the international community, particularly Western countries, to accept this and avoid "naively dogmatic" prescriptions for the continent that could exacerbate rifts.

Instead, he said the international community should focus on helping Africa realise its "huge potential".

He said it was an "injustice" that around half of the population on the continent did not have access to electricity, despite the fact that Africa hosts 60 percent of the world's best solar energy resources, with solar now the cheapest way to generate power.

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Meanwhile, he said millions of people across Africa use open fires or basic stoves to cook, exacerbating respiratory illnesses, particularly among women.

Birol said both issues could be fixed with about $25 billion -- the approximate cost of one new LNG terminal.

Singling out the oil and gas companies who have said access to energy is a key priority, he added that it would cost $4 billion -- or roughly less than 0.1 percent of the revenues the major fossil fuel firms racked up last year -- to help millions access clean cooking technologies.

"This is in my view a litmus test for them, how serious, how sincere they are," he said.

<h2>Money matters</h2>

Currently, only about three percent of energy investments worldwide are made in Africa.

African countries are also hamstrung by rising debt costs.

Pressure is mounting for a retooling of the international financial architecture to better align with climate goals and green development, particularly as the International Monetary Fund and World Bank prepare for their autumn meetings in October.

Birol said the two institutions had "failed the test", calling for promising recent statements to turn into real action on boosting concessional finance and unblocking lending.

Globally, a particular worry is relatively new existing coal power plants, mainly in Asia, with decades left on their expected lifecycles.

They could counteract all other progress if they are not retired early, he said.

But despite this, Birol said energy transition was well under way and "moving much faster than many people realise".

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The head of the International Energy Agency urged the United States and China to set aside their differences and align on climate change, warning in an interview Monday that "geopolitical fractures" risked holding back the clean energy transition.

The head of the International Energy Agency urged the United States and China to set aside their differences and align on climate change, warning in an interview Monday that "geopolitical fractures" risked holding back the clean energy transition. Speaking at the African Climate Summit in Nairobi, Fatih Birol told AFP that these international rifts, partly stoked by Russia's invasion of Ukraine, are "becoming more and more pronounced". "When I look at the future of energy and climate, I see that the best and most optimistic agenda is that clean energy is set to dominate the game," he said. But he said geopolitical tensions were casting a "big shadow" because "international collaboration between the major players will be much more challenging". Also Read | Microsoft's WordPad, launched in 1995, set to be removed from Windows That is a problem, with the world currently moving too slowly to meet the Paris Agreement goals to limit warming. He singled out the US and China, the world's two biggest emitters, urging them to come together at the crunch COP28 climate talks in Dubai in November-December and "leave aside their tensions" -- both geopolitical and economic -- to seek joint or at least common positions on key issues. The November climate summit in oil-rich United Arab Emirates will likely be dominated by clashing visions on energy. Birol told AFP that global tensions were "definitely" holding back progress in the clean energy transition and warned of a "big pushback" from some countries and companies, without naming them. But he said despite this change is happening, with more than 80 percent of the power plants built in the world last year focusing on renewable energy. 'Injustice' Birol said Africa was primed to play a "pivotal" role in the energy transition, with huge renewable potential and some 40 percent of the critical minerals needed for batteries and hydrogen fuel cells. Also Read | Convicted Proud Boys member claims Trump will pardon him in 2024 He said that countries in the region might need to continue to exploit their gas resources for certain activities, which he argued would not significantly increase the continent's tiny carbon footprint -- roughly 3 percent of global emissions. The energy chief urged the international community, particularly Western countries, to accept this and avoid "naively dogmatic" prescriptions for the continent that could exacerbate rifts. Instead, he said the international community should focus on helping Africa realise its "huge potential". He said it was an "injustice" that around half of the population on the continent did not have access to electricity, despite the fact that Africa hosts 60 percent of the world's best solar energy resources, with solar now the cheapest way to generate power. Watch | Labour reshuffle: Sir Keir Starmer to shake up shadow cabinet × Meanwhile, he said millions of people across Africa use open fires or basic stoves to cook, exacerbating respiratory illnesses, particularly among women. Birol said both issues could be fixed with about $25 billion -- the approximate cost of one new LNG terminal. Singling out the oil and gas companies who have said access to energy is a key priority, he added that it would cost $4 billion -- or roughly less than 0.1 percent of the revenues the major fossil fuel firms racked up last year -- to help millions access clean cooking technologies. "This is in my view a litmus test for them, how serious, how sincere they are," he said. Money matters Currently, only about three percent of energy investments worldwide are made in Africa. African countries are also hamstrung by rising debt costs. Pressure is mounting for a retooling of the international financial architecture to better align with climate goals and green development, particularly as the International Monetary Fund and World Bank prepare for their autumn meetings in October. Birol said the two institutions had "failed the test", calling for promising recent statements to turn into real action on boosting concessional finance and unblocking lending. Globally, a particular worry is relatively new existing coal power plants, mainly in Asia, with decades left on their expected lifecycles. They could counteract all other progress if they are not retired early, he said. But despite this, Birol said energy transition was well under way and "moving much faster than many people realise". WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

Global tensions risk clean energy progress: IEA chief

The International Energy Agency (IEA) said on Friday (August 11) it&nbsp;raised its projection for global oil demand growth in 2023 to "scaling record highs".&nbsp;

IEA said that OPEC+ production cutbacks could reduce oil stocks for the rest of this year, potentially sending prices further higher.&nbsp;

The Paris-based IEA said in its monthly report noted that the world oil demand already hit a record 103 million barrels per day in June and August and "could see yet another peak".&nbsp;

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It said, "For 2023 as a whole, global oil demand is set to expand by 2.2 million barrels per day to 102.2 million barrels per day."&nbsp;

The IEA said that China accounted for 70 per cent of growth. It further added that demand in the Asian giant was "also stronger than expected, reaching fresh highs despite persistent concerns over the health of the economy".&nbsp;

The IEA said: "World oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation and surging Chinese petrochemical activity."&nbsp;

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The agency said that the projected increase in global demand in 2023 will be the "highest ever annual level," having already anticipated an annual record for the year of 101.9 million barrels per day in February.&nbsp;

The increasing demand for oil comes amid tensions in world markets as global oil supply plunged in July. A sharp reduction in production by Saudi Arabia last month to help prop up prices saw output from the 23-nation OPEC+ alliance fall 1.2 million barrels per day, to 50.7 mb/d.&nbsp;

(With inputs from agencies)

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The International Energy Agency (IEA) said on Friday (August 11) it raised its projection for global oil demand growth in 2023 to "scaling record highs". IEA said that OPEC+ production cutbacks could reduce oil stocks for the rest of this year, potentially sending prices further higher.

The International Energy Agency (IEA) said on Friday (August 11) it raised its projection for global oil demand growth in 2023 to "scaling record highs". IEA said that OPEC+ production cutbacks could reduce oil stocks for the rest of this year, potentially sending prices further higher. The Paris-based IEA said in its monthly report noted that the world oil demand already hit a record 103 million barrels per day in June and August and "could see yet another peak". Also read: Country Garden billionaire bags big payouts as default looms: Report It said, "For 2023 as a whole, global oil demand is set to expand by 2.2 million barrels per day to 102.2 million barrels per day." The IEA said that China accounted for 70 per cent of growth. It further added that demand in the Asian giant was "also stronger than expected, reaching fresh highs despite persistent concerns over the health of the economy". The IEA said: "World oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation and surging Chinese petrochemical activity." Also read: China slides towards deflation, with breakfast buffets costing just 40 cents The agency said that the projected increase in global demand in 2023 will be the "highest ever annual level," having already anticipated an annual record for the year of 101.9 million barrels per day in February. The increasing demand for oil comes amid tensions in world markets as global oil supply plunged in July. A sharp reduction in production by Saudi Arabia last month to help prop up prices saw output from the 23-nation OPEC+ alliance fall 1.2 million barrels per day, to 50.7 mb/d. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

International Energy Agency says oil demand going up, prices could rise further this year

The war in Ukraine has led to multiple economic sanctions on Russia, disrupting the global oil supply. A recent report, however, suggests there&nbsp;may have been an inadvertent&nbsp;positive impact of the&nbsp;ongoing geopolitical situation.

According to the International Energy Agency's World Energy Investment 2023 report, the war, which began on February 24 last year, has "accelerated momentum behind the deployment of a range of clean energy technologies."

Annual investment&nbsp;into clean energy is expected to rise by 24 percent between 2021 and 2023, driven by Western countries trying to reduce their dependency on Russian energy supply. In the same period, investments in fossil fuels rose by 15 percent.

According to IEA's estimates, around $2.8 trillion will be invested in the energy sector this year, more than $1.7 trillion out of it going into clean energy.

Clean energy investments primarily go towards renewable power and electric vehicles, with low-emission fuels, efficiency improvements, end-use renewables and grids also attracting significant investments.

Notably, more money has been invested in clean energy than in fossil fuels since 2018, and the gap is widening. "For every $1 spent on fossil fuels, $1.7 is now spent on clean energy. Five years ago this ratio was 1:1," the global energy watchdog's report noted.

Solar - the 'star performer'

The IEA report has called solar as "star performer", arguing that solar investments will lead the ongoing revolution in low-emissions electricity technologies. Over $1 billion per day is expected to go into solar investments in 2023. In overall terms, investments worth $380 billion will go into the sector.

This is significant, as investments into solar power will outpace that in oil production for the first time his history. Fossil fuels, of which oil is a significant part, will attract over $1 trillion in investments this year.

"Historically, fossil fuels have dominated the energy sector. The fact that investments into solar has now surpass those into fossil fuels is a indication and validation of the growing recognition and potential and viability of renewable energy sources," Anand Jain, founder and CEO of&nbsp;Aerem, an Indian solar tech start-up, told wionnews.com.

The shift in the investment pattern&nbsp;highlights the growing awareness of the threat posed by carbon emissions by fossil fuels, which contributes to climate change and rising global temperatures.

However, investment into renewable energy, primarily solar, has been lopsided, with advanced economies and China accounting for majority of the&nbsp;investments in the last two years. As per an IEA&nbsp;estimate, solar PVs -- they are used to power panels --&nbsp;make&nbsp;up almost half of new investment in renewable power.&nbsp;

The unequal distribution of clean energy investment threatens to create deep divisions in global energy supply and deprive developing and less developed countries of clean energy.

Jain advocates a two-pronged approach to encourage increasing use of solar power in the global energy matrix. "Government measures like phasing out subsidies for fossil fuels and implementing carbon pricing mechanisms must be complimented with public awareness initiatives about the environmental consequences of conventional energy sources," he said.

The war in Ukraine has led to multiple economic sanctions on Russia, disrupting the global oil supply. A recent report, however, suggests there may have been an inadvertent positive impact of the ongoing geopolitical situation.

The war in Ukraine has led to multiple economic sanctions on Russia, disrupting the global oil supply. A recent report, however, suggests there may have been an inadvertent positive impact of the ongoing geopolitical situation. According to the International Energy Agency's World Energy Investment 2023 report, the war, which began on February 24 last year, has "accelerated momentum behind the deployment of a range of clean energy technologies." Annual investment into clean energy is expected to rise by 24 percent between 2021 and 2023, driven by Western countries trying to reduce their dependency on Russian energy supply. In the same period, investments in fossil fuels rose by 15 percent. According to IEA's estimates, around $2.8 trillion will be invested in the energy sector this year, more than $1.7 trillion out of it going into clean energy. Clean energy investments primarily go towards renewable power and electric vehicles, with low-emission fuels, efficiency improvements, end-use renewables and grids also attracting significant investments. Notably, more money has been invested in clean energy than in fossil fuels since 2018, and the gap is widening. "For every $1 spent on fossil fuels, $1.7 is now spent on clean energy. Five years ago this ratio was 1:1," the global energy watchdog's report noted. Solar - the 'star performer' The IEA report has called solar as "star performer", arguing that solar investments will lead the ongoing revolution in low-emissions electricity technologies. Over $1 billion per day is expected to go into solar investments in 2023. In overall terms, investments worth $380 billion will go into the sector. This is significant, as investments into solar power will outpace that in oil production for the first time his history. Fossil fuels, of which oil is a significant part, will attract over $1 trillion in investments this year. "Historically, fossil fuels have dominated the energy sector. The fact that investments into solar has now surpass those into fossil fuels is a indication and validation of the growing recognition and potential and viability of renewable energy sources," Anand Jain, founder and CEO of Aerem, an Indian solar tech start-up, told wionnews.com. The shift in the investment pattern highlights the growing awareness of the threat posed by carbon emissions by fossil fuels, which contributes to climate change and rising global temperatures. However, investment into renewable energy, primarily solar, has been lopsided, with advanced economies and China accounting for majority of the investments in the last two years. As per an IEA estimate, solar PVs -- they are used to power panels -- make up almost half of new investment in renewable power. The unequal distribution of clean energy investment threatens to create deep divisions in global energy supply and deprive developing and less developed countries of clean energy. Jain advocates a two-pronged approach to encourage increasing use of solar power in the global energy matrix. "Government measures like phasing out subsidies for fossil fuels and implementing carbon pricing mechanisms must be complimented with public awareness initiatives about the environmental consequences of conventional energy sources," he said.

Ukraine war 'accelerated momentum' towards clean energy: International Energy Agency report

Russian oil exports reached their highest level in nearly three years, despite sanctions from the West, said the International Energy Agency (IEA), on Friday (April 14). However, Moscow's oil revenues have dropped sharply from last year, it added. Since the Russian invasion of Ukraine over a year ago, there have been thousands of sanctions against Russia including price caps on its exports and EU embargoes.

According to the IEA’s monthly oil market report, total shipments from Russia rose by 600,000 barrels per day to 8.1 million bpd last month, which is the highest since April 2020. However, while Moscow’s oil revenues rebounded by $1 billion to $12.7 billion, they were&nbsp;still nearly 43 per cent lower when compared to a year ago, said the Paris-based agency.&nbsp;

In March, Russian crude oil exports rose by 100,000 bpd to 5 million bpd with India effectively replacing China as Moscow’s main market in Asia, last month. Additionally, the IEA also said that the oil product shipments destined for the EU almost doubled between February and March to 300,000 bpd.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/opec-agrees-to-cut-production-for-first-time-in-a-year-after-oil-price-slump-513187">OPEC to cut production by 100,000 barrels per day after oil price slump</a>

Months after the Russian invasion of Ukraine, the EU imposed an embargo on seaborne oil deliveries from Moscow in December along with a $60 per barrel price cap for exports across the world, the move which was agreed to by the Group of Seven (G7) nations and Australia.

Earlier this year, the EU expanded its ban on Russian oil and agreed with the G7 to the price ceilings of $100 per barrel for more expensive fuel like diesel and $45 on lower-quality products such as fuel oil.&nbsp;

Seemingly, in retaliation, Russia announced that it would be reducing its production by 500,000 bpd along with other OPEC+ member nations which sent shockwaves across the market.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/saudi-arabia-opec-members-announce-oil-production-cuts-by-over-a-million-bpd-578386">Saudi Arabia, OPEC+ members announce oil production cuts by over a million bpd</a>

According to the IEA, Russia missed its target in March as production fell by 290,000 bpd. “Consumers currently under siege from inflation will suffer even more from higher prices, especially in emerging and developing economies,” said the Paris-based agency. It added, “This augurs badly for the economic recovery and growth.”&nbsp;

The announcement, which cuts a total of 1.7 million bpd was also months after the group had agreed to a reduction of two million bpd back in November. The exports by Russia also returned pre-Covid levels as they have risen by 450,000 bpd to 3.1 million bpd.

(With inputs from agencies)&nbsp; 
 
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Russian oil exports reached their highest level in nearly three years, despite sanctions from the West, said the International Energy Agency (IEA), on Friday (April 14).

Russian oil exports reached their highest level in nearly three years, despite sanctions from the West, said the International Energy Agency (IEA), on Friday (April 14). However, Moscow's oil revenues have dropped sharply from last year, it added. Since the Russian invasion of Ukraine over a year ago, there have been thousands of sanctions against Russia including price caps on its exports and EU embargoes. According to the IEA’s monthly oil market report, total shipments from Russia rose by 600,000 barrels per day to 8.1 million bpd last month, which is the highest since April 2020. However, while Moscow’s oil revenues rebounded by $1 billion to $12.7 billion, they were still nearly 43 per cent lower when compared to a year ago, said the Paris-based agency. In March, Russian crude oil exports rose by 100,000 bpd to 5 million bpd with India effectively replacing China as Moscow’s main market in Asia, last month. Additionally, the IEA also said that the oil product shipments destined for the EU almost doubled between February and March to 300,000 bpd. ALSO READ | OPEC to cut production by 100,000 barrels per day after oil price slump Months after the Russian invasion of Ukraine, the EU imposed an embargo on seaborne oil deliveries from Moscow in December along with a $60 per barrel price cap for exports across the world, the move which was agreed to by the Group of Seven (G7) nations and Australia. Earlier this year, the EU expanded its ban on Russian oil and agreed with the G7 to the price ceilings of $100 per barrel for more expensive fuel like diesel and $45 on lower-quality products such as fuel oil. Seemingly, in retaliation, Russia announced that it would be reducing its production by 500,000 bpd along with other OPEC+ member nations which sent shockwaves across the market. ALSO READ | Saudi Arabia, OPEC+ members announce oil production cuts by over a million bpd According to the IEA, Russia missed its target in March as production fell by 290,000 bpd. “Consumers currently under siege from inflation will suffer even more from higher prices, especially in emerging and developing economies,” said the Paris-based agency. It added, “This augurs badly for the economic recovery and growth.” The announcement, which cuts a total of 1.7 million bpd was also months after the group had agreed to a reduction of two million bpd back in November. The exports by Russia also returned pre-Covid levels as they have risen by 450,000 bpd to 3.1 million bpd. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Russia’s oil exports hit a three-year high in March despite Western sanctions

Swedish climate activist Greta Thunberg on Thursday (January 19) accused the attendees of the World Economic Forum (WEF) of fuelling the destruction of the planet, as she spoke during a round-table discussion in Davos between climate campaigners and International Energy Agency head Fatih Birol.

She also slammed the&nbsp;United Arab Emirates&nbsp;for appointing Sultan Ahmed al-Jaber, chief executive of the Abu Dhabi National Oil Company (ADNOC), as chair of the Cop28 climate talks later this year.

She raised the matter at an event on the sidelines of the WEF’s annual meeting, saying&nbsp;lobbyists have been influencing these conferences “since, basically, forever”.

“This just puts a very clear face to it,” she added. “It’s completely ridiculous.”

Responding to Greta,&nbsp;a Cop28 spokesperson insisted al-Jaber,&nbsp;who founded&nbsp;renewable energy firm Masdar&nbsp;in 2006, was “uniquely qualified to deliver a successful Cop28”.

Thunberg participated in the discussion along with fellow activists Helena Gualinga from Ecuador, Vanessa Nakate from Uganda and Luisa Neubauer from Germany. The four&nbsp;activists called out energy companies and financial institutions that were financing investments in fossil fuels.&nbsp;

"We are right now in Davos where (there are) basically the people who are mostly fuelling the destruction of the planet," Thunberg said, reported news agency AFP. "The people who are at the very core of the climate crisis, the people who are investing in fossil fuels etc, and yet somehow these are the people that we seem to rely on for solving our problems," she added.&nbsp;

ALSO READ | <a href="https://www.wionews.com/world/greta-thunberg-detained-in-germany-over-coal-village-protests-553601">Greta Thunberg released after detention in Germany over coal village protests: Police</a>

Thunberg pointed out that without massive public pressure from the outside, these people would go as far as they possibly could, as long as they could get away with it. "They will continue to invest in fossil fuels. They will continue to throw people under the bus for their own gain."

The Swedish climate activist also said that the global emissions of greenhouse gases were still increasing. Activist Helena Gualinga from Ecuador said during the round-table discussion that she, Greta, Vanessa and Luisa created a "cease and desist" letter to oil CEOs urging them to phase out from new fossil fuel projects.&nbsp;

"They, we know that they knew there's a report that has come out saying that they knew way before us what they were doing when they were exploring for oil. They knew what the consequences would be of CO2 gas emissions. They knew the irreversible consequences, the huge impact it would have on people's livelihood, on the environment," Gualinga said, as per Reuters report.&nbsp;

Earlier this week, these four activists launched an online petition demanding energy firms stop any new oil gas or coal extraction projects. On Thursday, Helena Gualinga said the petition was reaching nearly 900,000 signatures which showed the commitment of the youth, which also showed the commitment "of civil society and people and the change that we are demanding."

ALSO READ | <a href="https://www.wionews.com/opinions-blogs/hot-air-in-the-cold-alps-why-davos-forum-is-divorced-from-ground-reality-554084">Hot air in the cold Alps: Why Davos forum is divorced from ground reality</a>

Meanwhile, International Energy Agency head Fatih Birol said that his presence alongside the four activists was a very important signal he wanted to give to the world. "We have to see that climate change needs to get more attention. Unfortunately, the attention to climate change is sliding down," Birol said and highlighted that the energy sector had to be transformed or "we have no chance whatsoever to reach our climate targets". 
&nbsp;

(With inputs from agencies)

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Swedish climate activist Greta Thunberg on Thursday (January 19) accused the attendees of the World Economic Forum (WEF) of fuelling the destruction of the planet, as she spoke during a round-table discussion in Davos between climate campaigners and International Energy Agency head Fatih Birol.

Swedish climate activist Greta Thunberg on Thursday (January 19) accused the attendees of the World Economic Forum (WEF) of fuelling the destruction of the planet, as she spoke during a round-table discussion in Davos between climate campaigners and International Energy Agency head Fatih Birol. She also slammed the United Arab Emirates for appointing Sultan Ahmed al-Jaber, chief executive of the Abu Dhabi National Oil Company (ADNOC), as chair of the Cop28 climate talks later this year. She raised the matter at an event on the sidelines of the WEF’s annual meeting, saying lobbyists have been influencing these conferences “since, basically, forever”. “This just puts a very clear face to it,” she added. “It’s completely ridiculous.” Responding to Greta, a Cop28 spokesperson insisted al-Jaber, who founded renewable energy firm Masdar in 2006, was “uniquely qualified to deliver a successful Cop28”. Thunberg participated in the discussion along with fellow activists Helena Gualinga from Ecuador, Vanessa Nakate from Uganda and Luisa Neubauer from Germany. The four activists called out energy companies and financial institutions that were financing investments in fossil fuels. "We are right now in Davos where (there are) basically the people who are mostly fuelling the destruction of the planet," Thunberg said, reported news agency AFP. "The people who are at the very core of the climate crisis, the people who are investing in fossil fuels etc, and yet somehow these are the people that we seem to rely on for solving our problems," she added. ALSO READ | Greta Thunberg released after detention in Germany over coal village protests: Police Thunberg pointed out that without massive public pressure from the outside, these people would go as far as they possibly could, as long as they could get away with it. "They will continue to invest in fossil fuels. They will continue to throw people under the bus for their own gain." The Swedish climate activist also said that the global emissions of greenhouse gases were still increasing. Activist Helena Gualinga from Ecuador said during the round-table discussion that she, Greta, Vanessa and Luisa created a "cease and desist" letter to oil CEOs urging them to phase out from new fossil fuel projects. "They, we know that they knew there's a report that has come out saying that they knew way before us what they were doing when they were exploring for oil. They knew what the consequences would be of CO2 gas emissions. They knew the irreversible consequences, the huge impact it would have on people's livelihood, on the environment," Gualinga said, as per Reuters report. Earlier this week, these four activists launched an online petition demanding energy firms stop any new oil gas or coal extraction projects. On Thursday, Helena Gualinga said the petition was reaching nearly 900,000 signatures which showed the commitment of the youth, which also showed the commitment "of civil society and people and the change that we are demanding." ALSO READ | Hot air in the cold Alps: Why Davos forum is divorced from ground reality Meanwhile, International Energy Agency head Fatih Birol said that his presence alongside the four activists was a very important signal he wanted to give to the world. "We have to see that climate change needs to get more attention. Unfortunately, the attention to climate change is sliding down," Birol said and highlighted that the energy sector had to be transformed or "we have no chance whatsoever to reach our climate targets". (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Davos: Greta Thunberg slams decision to appoint UAE oil boss as chair of Cop28

According to the International Energy Agency (IEA), the global oil demand is set to reach an all-time high in 2023 as the Chinese economy re-opens after ending its stringent zero-Covid policy. However, the Paris-based watchdog in its report published on Wednesday (January 18) also noted that the ongoing Russian invasion of Ukraine and the consequent Western sanctions on Moscow could affect the supply.&nbsp;

The demand for crude oil could surge by 1.9 million barrels per day (bpd) to reach a record 101.7 million bpd, said the IEA in its first monthly oil report of the year. It also noted, “Two wild cards dominate the 2023 oil market outlook: Russia and China.”&nbsp;This comes after crude oil prices soared last year amid fears of disruptions following Moscow’s invasion of Ukraine, however, later they stabilised as the Russian supply more or less continued while Europe faced an economic slowdown which lowered demand to some extent.&nbsp;

ALSO WATCH:&nbsp;<a href="https://www.wionews.com/videos/russian-oil-continues-to-flow-in-britain-western-hypocrisy-536228">Russian oil continues to flow in Britain | Western Hypocrisy</a>

However, IEA also said that there is a “high degree of uncertainty” about where the prices of oil could, in part, be attributed to the western sanctions on Russia, particularly the upcoming European Union ban on refined products which will take effect from February 5. The report also noted that despite sanctions, Russian oil output in December was dented only by 200,000 bpd.

“Russian supply slows under the full impact of sanctions, China will drive nearly half this global demand growth even as the shape and speed of its reopening remains uncertain,” said the IEA report. Notably, China’s demand for oil plunged for the first time in almost three decades due to the economic slowdown it faced while Beijing’s stringent Covid restrictions were in place.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/opec-decision-of-output-cut-not-aimed-against-us-says-saudi-arabia-525212">OPEC decision of output cut not aimed against US, says Saudi Arabia</a>

However, as the country re-opens, it paves the way for an increase in demand due to travel, trade and business activities. According to the IEA, this could, in turn, lead to a tighter global oil market due to increased demand from China and the “full impact” of Western sanctions on Russian oil.&nbsp;

“The preeminent driver of 2023 GDP and oil demand growth will be the timing and pace of China’s post-lockdown recovery,” said the IEA, as per Reuters.&nbsp;The Paris-based agency also said that the main growth of oil supply growth is set to take place from the United States as the OPEC+ will reduce theirs by 870,000 bpd.&nbsp;

(With inputs from agencies)&nbsp; 
 
&nbsp;

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According to the International Energy Agency (IEA), the global oil demand is set to reach an all-time high in 2023 as the Chinese economy re-opens after ending its stringent zero-Covid policy.

According to the International Energy Agency (IEA), the global oil demand is set to reach an all-time high in 2023 as the Chinese economy re-opens after ending its stringent zero-Covid policy. However, the Paris-based watchdog in its report published on Wednesday (January 18) also noted that the ongoing Russian invasion of Ukraine and the consequent Western sanctions on Moscow could affect the supply. The demand for crude oil could surge by 1.9 million barrels per day (bpd) to reach a record 101.7 million bpd, said the IEA in its first monthly oil report of the year. It also noted, “Two wild cards dominate the 2023 oil market outlook: Russia and China.” This comes after crude oil prices soared last year amid fears of disruptions following Moscow’s invasion of Ukraine, however, later they stabilised as the Russian supply more or less continued while Europe faced an economic slowdown which lowered demand to some extent. ALSO WATCH: Russian oil continues to flow in Britain | Western Hypocrisy However, IEA also said that there is a “high degree of uncertainty” about where the prices of oil could, in part, be attributed to the western sanctions on Russia, particularly the upcoming European Union ban on refined products which will take effect from February 5. The report also noted that despite sanctions, Russian oil output in December was dented only by 200,000 bpd. “Russian supply slows under the full impact of sanctions, China will drive nearly half this global demand growth even as the shape and speed of its reopening remains uncertain,” said the IEA report. Notably, China’s demand for oil plunged for the first time in almost three decades due to the economic slowdown it faced while Beijing’s stringent Covid restrictions were in place. ALSO READ | OPEC decision of output cut not aimed against US, says Saudi Arabia However, as the country re-opens, it paves the way for an increase in demand due to travel, trade and business activities. According to the IEA, this could, in turn, lead to a tighter global oil market due to increased demand from China and the “full impact” of Western sanctions on Russian oil. “The preeminent driver of 2023 GDP and oil demand growth will be the timing and pace of China’s post-lockdown recovery,” said the IEA, as per Reuters. The Paris-based agency also said that the main growth of oil supply growth is set to take place from the United States as the OPEC+ will reduce theirs by 870,000 bpd. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Global oil demand to reach an all-time high this year as China re-opens, says IEA

The International Energy Agency said Thursday it believes global energy emissions will peak in 2025 as surging prices due to the Russian invasion of Ukraine propel investment in renewables.

Only last year the IEA said there was "no clear peak in sight" in energy emissions, but the new higher investment in wind and solar is setting up demand for all fossil fuels to peak or plateau, leading to a drop in emissions.

"The global energy crisis triggered by Russia's invasion of Ukraine is causing profound and long-lasting changes that have the potential to hasten the transition to a more sustainable and secure energy system," the IEA said as it released its latest annual World Energy Outlook report.

Based on the latest measures and policies announced by governments in the face of soaring energy prices, the IEA forecasts global clean energy investment to rise by more than 50 percent from today's levels to $2 trillion per year by 2030.&nbsp;

Those measures will propel sustained gains in renewables and nuclear power.

"As a result, a high point for global emissions is reached in 2025," the IEA said.

ALSO READ:&nbsp;<a href="https://www.wionews.com/world/carbon-dioxide-methane-levels-in-atmosphere-reached-record-high-in-2021-says-un-report-528654">Carbon dioxide, methane levels in atmosphere reached record high in 2021, says UN report</a>

Global energy-related CO2 emissions are then set to fall back slowly from a high point of 37 billion tonnes per year to 32 billion tonnes by 2050, it added.

The Paris-based organisation, which advises energy-consuming nations, said that its forecast sees demand for all types of fossil fuels peaking or hitting a plateau.

Coal use, which has seen a temporary bump higher, will drop back in the next few years as more renewables come online.

Natural gas hits a plateau at the end of the decade, instead of the previous forecast of a steady rise.

Oil demand levels off in the mid-2030s and then gradually declines towards mid-century due to uptake of electric vehicles, instead of the earlier estimate of a steady increase.

Overall, the share of fossil fuels in the global energy mix in the IEA's stated policies scenario falls from around 80 percent to just above 60 percent by 2050.

Energy markets 'changed' 
 
"Energy markets and policies have changed as a result of Russia's invasion of Ukraine, not just for the time being, but for decades to come," said IEA Executive Director Fatih Birol in a statement as the report was released.

But that will still leave the world on track for a rise in global temperatures of around 2.5 degrees Celsius by the end of the century, which would likely trigger severe climate change impacts.

The IEA also has a scenario to arrive at zero net emissions in 2050, which is seen as necessary to hit the 1.5C warming target enshrined in the Paris climate pact.

That would require clean energy investments to rise to $4 trillion per year by 2030, instead of the current forecast of $2 trillion.

ALSO READ:&nbsp;<a href="https://www.wionews.com/world/rishi-sunak-reverses-another-liz-truss-policy-reimposes-ban-of-fracking-in-uk-528637">Rishi Sunak reverses another Liz Truss policy, reimposes ban of fracking in UK</a>

"The IEA, with all its expertise and authority is clear: clean energy investments must triple by 2030, and gas is a dead end," said Laurence Tubiana, head of the European Climate Foundation and France's former climate ambassador.

"The current European energy crisis clearly proves the dangers of gas: high price, volatility, geopolitical dependence," she added.

"We are approaching to the end of the golden age of gas," the IEA's Birol said at a later news conference.

The IEA's analyses show "that we are seeing a turning point in the history of energy and this crisis indeed accelerates clean energy transitions," he added.

However Birol noted that energy security, not climate change, is "the biggest driver for renewable" energy development currently.

Another motivation is that governments want to ensure they have got in on the manufacturing of new renewable energy technologies.

"The three drivers, when they come together, is the reason I am optimistic we are going to see an acceleration of clean energy technologies," Birol said.

ALSO READ:&nbsp;<a href="https://www.wionews.com/world/climate-pledges-still-nowhere-near-enough-for-15c-un-528582">Climate pledges far off track from limiting temperature rise to 1.5 degrees: UN</a>

Russia takes $1tn hit 
 
The IEA's analyses also concluded that this energy crisis has also harmed Russia's long-term economic outlook.&nbsp;

By reducing natural gas supplies to European nations it has not only pushed them to accelerate their transition to renewables, but reduced the attractivity of gas in security terms while making it expensive for developing markets.

"Russia's role in the international energy affairs will be diminished, much diminished in terms of oil and gas trade," said Birol.

"As a result of the decline in oil and gas sales between now and 2030, Russia will lose about $1 trillion in export revenues" according to IEA calculations, he added.

The International Energy Agency said Thursday it believes global energy emissions will peak in 2025 as surging prices due to the Russian invasion of Ukraine propel investment in renewables.

The International Energy Agency said Thursday it believes global energy emissions will peak in 2025 as surging prices due to the Russian invasion of Ukraine propel investment in renewables. Only last year the IEA said there was "no clear peak in sight" in energy emissions, but the new higher investment in wind and solar is setting up demand for all fossil fuels to peak or plateau, leading to a drop in emissions. "The global energy crisis triggered by Russia's invasion of Ukraine is causing profound and long-lasting changes that have the potential to hasten the transition to a more sustainable and secure energy system," the IEA said as it released its latest annual World Energy Outlook report. Based on the latest measures and policies announced by governments in the face of soaring energy prices, the IEA forecasts global clean energy investment to rise by more than 50 percent from today's levels to $2 trillion per year by 2030. Those measures will propel sustained gains in renewables and nuclear power. "As a result, a high point for global emissions is reached in 2025," the IEA said. ALSO READ: Carbon dioxide, methane levels in atmosphere reached record high in 2021, says UN report Global energy-related CO2 emissions are then set to fall back slowly from a high point of 37 billion tonnes per year to 32 billion tonnes by 2050, it added. The Paris-based organisation, which advises energy-consuming nations, said that its forecast sees demand for all types of fossil fuels peaking or hitting a plateau. Coal use, which has seen a temporary bump higher, will drop back in the next few years as more renewables come online. Natural gas hits a plateau at the end of the decade, instead of the previous forecast of a steady rise. Oil demand levels off in the mid-2030s and then gradually declines towards mid-century due to uptake of electric vehicles, instead of the earlier estimate of a steady increase. Overall, the share of fossil fuels in the global energy mix in the IEA's stated policies scenario falls from around 80 percent to just above 60 percent by 2050. Energy markets 'changed' "Energy markets and policies have changed as a result of Russia's invasion of Ukraine, not just for the time being, but for decades to come," said IEA Executive Director Fatih Birol in a statement as the report was released. But that will still leave the world on track for a rise in global temperatures of around 2.5 degrees Celsius by the end of the century, which would likely trigger severe climate change impacts. The IEA also has a scenario to arrive at zero net emissions in 2050, which is seen as necessary to hit the 1.5C warming target enshrined in the Paris climate pact. That would require clean energy investments to rise to $4 trillion per year by 2030, instead of the current forecast of $2 trillion. ALSO READ: Rishi Sunak reverses another Liz Truss policy, reimposes ban of fracking in UK "The IEA, with all its expertise and authority is clear: clean energy investments must triple by 2030, and gas is a dead end," said Laurence Tubiana, head of the European Climate Foundation and France's former climate ambassador. "The current European energy crisis clearly proves the dangers of gas: high price, volatility, geopolitical dependence," she added. "We are approaching to the end of the golden age of gas," the IEA's Birol said at a later news conference. The IEA's analyses show "that we are seeing a turning point in the history of energy and this crisis indeed accelerates clean energy transitions," he added. However Birol noted that energy security, not climate change, is "the biggest driver for renewable" energy development currently. Another motivation is that governments want to ensure they have got in on the manufacturing of new renewable energy technologies. "The three drivers, when they come together, is the reason I am optimistic we are going to see an acceleration of clean energy technologies," Birol said. ALSO READ: Climate pledges far off track from limiting temperature rise to 1.5 degrees: UN Russia takes $1tn hit The IEA's analyses also concluded that this energy crisis has also harmed Russia's long-term economic outlook. By reducing natural gas supplies to European nations it has not only pushed them to accelerate their transition to renewables, but reduced the attractivity of gas in security terms while making it expensive for developing markets. "Russia's role in the international energy affairs will be diminished, much diminished in terms of oil and gas trade," said Birol. "As a result of the decline in oil and gas sales between now and 2030, Russia will lose about $1 trillion in export revenues" according to IEA calculations, he added.

IEA sees global energy emissions peaking in 2025

In face of the global energy shortage that the world is experiencing due to the ongoing Russia-Ukraine conflict, the International Energy Agency (IEA) has announced that its member countries will be releasing a whopping 120 million barrels of crude oil reserves over a period of six months.

As per IEA the "unanimous" agreement to release the stock was reached by the organisation's 31 members on April 1. As per a Reuters report, about half of the 120 million barrels will be contributed by the United States.

Also read |&nbsp;<a href="https://www.wionews.com/world/white-house-says-us-ready-to-become-indias-reliable-supplier-to-counter-russia-dependence-468962">White House says US ready to become India's 'reliable supplier' to counter Russia dependence</a>

This is the largest stock release in the history of organisation and was confirmed by the Governing Board of the IEA as reported by Xinhua news agency.

Earlier IEA had released 62.7 million barrels of crude oil on March 1st and this recently announced release is the second release of reserves since the conflict in Ukraine started on February 24th.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/white-house-says-india-imports-only-1-2-of-russias-total-energy-imports-468628">White House says India imports only 1-2% of Russia's total energy imports</a>

The release of crude reserves aims to drive down the rising fuel prices around the globe.

However, experts and analysts have warned that even with the emergency reserve releases oil supply remains tight.

India, which is one of the largest importers of oil has announced that it is evaluating ways to support IEA's move.

Watch |&nbsp;Gravitas: Petrol, Diesel prices soar in India

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-petrol-diesel-prices-soar-in-india-468944/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"In the interest of collaborating with like minded countries on these positive initiatives, Government of India is examining what it can do to support these actions."&nbsp;

Before the Russian attack on Ukraine, IEA members held a collective emergency stockpile of 1.5 billion barrels of crude.

(With inputs from agencies)

In face of the global energy shortage that the world is experiencing due to the ongoing Russia-Ukraine conflict, the International Energy Agency (IEA) has announced that its member countries will be releasing a whopping 120 million barrels of crude oil reserves over a period of six months.

In face of the global energy shortage that the world is experiencing due to the ongoing Russia-Ukraine conflict, the International Energy Agency (IEA) has announced that its member countries will be releasing a whopping 120 million barrels of crude oil reserves over a period of six months. As per IEA the "unanimous" agreement to release the stock was reached by the organisation's 31 members on April 1. As per a Reuters report, about half of the 120 million barrels will be contributed by the United States. Also read | White House says US ready to become India's 'reliable supplier' to counter Russia dependence This is the largest stock release in the history of organisation and was confirmed by the Governing Board of the IEA as reported by Xinhua news agency. Earlier IEA had released 62.7 million barrels of crude oil on March 1st and this recently announced release is the second release of reserves since the conflict in Ukraine started on February 24th. Also read | White House says India imports only 1-2% of Russia's total energy imports The release of crude reserves aims to drive down the rising fuel prices around the globe. However, experts and analysts have warned that even with the emergency reserve releases oil supply remains tight. India, which is one of the largest importers of oil has announced that it is evaluating ways to support IEA's move. Watch | Gravitas: Petrol, Diesel prices soar in India "In the interest of collaborating with like minded countries on these positive initiatives, Government of India is examining what it can do to support these actions." Before the Russian attack on Ukraine, IEA members held a collective emergency stockpile of 1.5 billion barrels of crude. (With inputs from agencies)

Amid global energy crisis, IEA to release 120 million barrels of crude, India supports decision

The&nbsp;International&nbsp;Energy&nbsp;Agency&nbsp;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&nbsp;IEA&nbsp;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 has sent prices for the fuel up sharply and led to major economies, such as the United States and Canada, sanctioning Russia by banning imports of oil.

Also read |&nbsp;<a href="https://www.wionews.com/world/appalling-ivanna-klympush-slams-macron-for-ruling-out-fast-tracking-eu-membership-for-ukraine-463436">'Appalling': Ivanna Klympush slams Macron for ruling out fast-tracking EU membership for Ukraine</a>

The&nbsp;IEA&nbsp;warned earlier this week of the risk of a global supply crisis as major oil companies, trading houses, shipping firms and banks have shunned Russia.

With the threat that supplies of Russian oil could be cut even more, "there is a real risk that markets tighten further and oil prices escalate significantly in the coming months" as the world enters its peak demand season, the&nbsp;IEA&nbsp;said.

"As a result of Russia's appalling aggression against Ukraine, the world may well be facing its biggest oil supply shock in decades, with huge implications for our economies and societies,"&nbsp;IEA&nbsp;Executive Director Fatih Birol said in a statement.

US pressures OPEC

Increases in supply of the crucial commodity "would not be able to ease the current strains" after the "disappointing outcome" of a recent monthly meeting of OPEC+, the&nbsp;IEA&nbsp;report concluded.

The OPEC+ group has resisted US pressure to step up production for months, agreeing only to modest increases in output at its regular meetings, even after Russia invaded Ukraine.

Also read |&nbsp;<a href="https://www.wionews.com/world/by-labeling-putin-a-war-criminal-biden-personalizes-the-conflict-463414">By labeling Putin a 'war criminal,' Biden personalizes the conflict</a>

The&nbsp;IEA&nbsp;was hoping for "some good messages which could help to relieve the strain on the oil markets" after the group's next meeting on March 31, Birol said at a press conference to present a plan to cut demand.

The 10 proposals put forward by the&nbsp;IEA&nbsp;could cut oil consumption among advanced economies "by 2.7 million barrels a day within the next four months", it said.

The measures, put forward together with the French government, could reduce consumption among those countries by 2.7 million barrels a day, while these currently consume between 44 and 45 million barrels a day, according to&nbsp;IEA&nbsp;estimates.

Together the world's advanced economies account for "around 45 per cent of global oil demand", it said.

The proposals, principally targeted at transport, included reducing speed limits, working from home three days a week, car-free Sundays, cheaper public transport and greater use of long-distance trains over planes.

Watch |&nbsp;Gravitas: Global Headlines: Ukraine refugee crisis, Fresh strike in Kyiv and more

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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 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 has sent prices for the fuel up sharply and led to major economies, such as the United States and Canada, sanctioning Russia by banning imports of oil. Also read | 'Appalling': Ivanna Klympush slams Macron for ruling out fast-tracking EU membership for Ukraine The IEA warned earlier this week of the risk of a global supply crisis as major oil companies, trading houses, shipping firms and banks have shunned Russia. With the threat that supplies of Russian oil could be cut even more, "there is a real risk that markets tighten further and oil prices escalate significantly in the coming months" as the world enters its peak demand season, the IEA said. "As a result of Russia's appalling aggression against Ukraine, the world may well be facing its biggest oil supply shock in decades, with huge implications for our economies and societies," IEA Executive Director Fatih Birol said in a statement. US pressures OPEC Increases in supply of the crucial commodity "would not be able to ease the current strains" after the "disappointing outcome" of a recent monthly meeting of OPEC+, the IEA report concluded. The OPEC+ group has resisted US pressure to step up production for months, agreeing only to modest increases in output at its regular meetings, even after Russia invaded Ukraine. Also read | By labeling Putin a 'war criminal,' Biden personalizes the conflict The IEA was hoping for "some good messages which could help to relieve the strain on the oil markets" after the group's next meeting on March 31, Birol said at a press conference to present a plan to cut demand. The 10 proposals put forward by the IEA could cut oil consumption among advanced economies "by 2.7 million barrels a day within the next four months", it said. The measures, put forward together with the French government, could reduce consumption among those countries by 2.7 million barrels a day, while these currently consume between 44 and 45 million barrels a day, according to IEA estimates. Together the world's advanced economies account for "around 45 per cent of global oil demand", it said. The proposals, principally targeted at transport, included reducing speed limits, working from home three days a week, car-free Sundays, cheaper public transport and greater use of long-distance trains over planes. Watch | Gravitas: Global Headlines: Ukraine refugee crisis, Fresh strike in Kyiv and more

IEA urges 'emergency measures' to cut oil use over supply fears

China's coal production reportedly reached record levels last year as the country battled an energy crisis.

China's coal production last year climbed to 4.07bn tonnes which was over 4 per cent compared to the previous year. In December last year producers mined 384.67 million tonnes of coal which was higher than November.

According to the International Energy Agency (IEA), global CO2 emissions from the power sector reached a new high last year as coal became the biggest source of electricity generation.

<a href="https://www.wionews.com/world/despite-global-calls-for-cuts-china-starts-a-massive-coal-fired-power-plant-440853">Also Read:&nbsp;Despite global calls for cuts, China starts a massive coal-fired power plant</a>

The&nbsp;IEA report on electricity published recently said "coal-fired electricity generation reached an all-time peak growing by 9 per cent last year which was the fastest since 2011."

The exponential increase was due to demand and "coal's competitiveness in some markets compared to gas".&nbsp;

The report said China faced supply difficulties last year due to coal shortages.

"Coal served more than half of the additional demand in 2021, growing in absolute terms faster than renewable energy for the first time since 2013," the report noted.

<a href="https://www.wionews.com/world/coal-demand-can-rise-to-an-all-time-high-in-2022-iea-437562">Also Read |&nbsp;Coal demand can rise to an all-time high in 2022: IEA</a>

The IEA report informed that despite zero "emission pledges" and "phase out plans" for coal, coal-fired electricity generation is set to provide 34 per cent of global generation in 2024.

The report said China's northeast province of Liaoning issued a level two shortage alert on several consecutive 
days last year indicating power shortage equivalent to 10-20 per cent of total demand with similar shortages reported in southern Guangdong which is the country's second-largest province electricity consumer.

In October last year, Chinese authorities had increased coal production targets while noting that "despite diversifying generation mix, China's electricity system remains largely coal-dominated."

(With inputs from Agencies)&nbsp;

China's coal production reportedly reached record levels last year as the country battled an energy crisis. China's coal production last year climbed to 4.07bn tonnes which was over 4 per cent compared to the previous year.

China's coal production reportedly reached record levels last year as the country battled an energy crisis. China's coal production last year climbed to 4.07bn tonnes which was over 4 per cent compared to the previous year. In December last year producers mined 384.67 million tonnes of coal which was higher than November. According to the International Energy Agency (IEA), global CO2 emissions from the power sector reached a new high last year as coal became the biggest source of electricity generation. Also Read: Despite global calls for cuts, China starts a massive coal-fired power plant The IEA report on electricity published recently said "coal-fired electricity generation reached an all-time peak growing by 9 per cent last year which was the fastest since 2011." The exponential increase was due to demand and "coal's competitiveness in some markets compared to gas". The report said China faced supply difficulties last year due to coal shortages. "Coal served more than half of the additional demand in 2021, growing in absolute terms faster than renewable energy for the first time since 2013," the report noted. Also Read | Coal demand can rise to an all-time high in 2022: IEA The IEA report informed that despite zero "emission pledges" and "phase out plans" for coal, coal-fired electricity generation is set to provide 34 per cent of global generation in 2024. The report said China's northeast province of Liaoning issued a level two shortage alert on several consecutive days last year indicating power shortage equivalent to 10-20 per cent of total demand with similar shortages reported in southern Guangdong which is the country's second-largest province electricity consumer. In October last year, Chinese authorities had increased coal production targets while noting that "despite diversifying generation mix, China's electricity system remains largely coal-dominated." (With inputs from Agencies)

Amid energy crisis, China's coal production reached record levels last year

A rebound in the global economy could propel coal demand to an all-time high in 2022, according to the International Energy Agency.

According to a report by the watchdog, coal-based electricity production has risen by 9 per cent this year as fossil fuel demand soared during the recovery from Covid lockdowns.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/by-2030-india-will-be-able-to-meet-its-electricity-needs-through-renewable-energy-study-435877">By 2030, India will be able to meet its electricity needs through renewable energy: Study</a>

The pandemic caused coal power to decrease by 4 per cent in 2020, but the IEA data shows that demand for electricity this year outpaced the growth of low-carbon sources, so many wealthy countries remain dependent on fossil fuels.

Global gas supply shortages, which have driven prices up worldwide to record levels, have affected coal demand as well, according to the IEA report.

Overall, global coal demand, including cement and steel production, rose by 6 per cent this year.

Even though the total is below the demand for fuel seen in 2013 and 2014, the IEA warned that without policy intervention, it could surpass those levels next year.

Watch |&nbsp;COP26 climate summit | Can coal by phased-out completely?

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IEA executive director Fatih Birol noted that coal is the single largest source of global carbon emissions and that this year's record coal power generation is an indication of how far off track the global effort to reduce carbon emissions has gone.

Unless governments act quickly to tackle coal emissions – in ways that are fair, affordable, and secure for those affected – we have little chance of limiting global warming to 1.5C, she added.

This report comes in the wake of the COP26 climate talks, which ended in a bitter disagreement over the pledge to abandon coal. After last-minute intervention from India, China the pact's language was changed from "phasing out" to "phasing down".

Also read |&nbsp;<a href="https://www.wionews.com/world/cop26-china-defends-move-on-joining-india-to-phase-down-instead-of-phase-out-coal-429670">COP26: China defends move on joining India to ‘phase down’ instead of ‘phase out’ coal</a>

Following the climate talks, COP26 president Alok Sharma said&nbsp;that India and China would have to explain themselves to poor nations after watering down the Glasgow agreement adding that he was deeply frustrated by their actions.

India's coal-fired electricity production is expected to increase by 12 per cent this year, according to the IEA report, while China's coal power is expected to grow by 9 per cent despite a recent slowdown.&nbsp;

The IEA says this would be the highest level seen in either country, despite an impressive rollout of solar and wind power projects.

&nbsp;

A rebound in the global economy could propel coal demand to an all-time high in 2022, according to the International Energy Agency. According to a report by the watchdog, coal-based electricity production has risen by 9 per cent this year as fossil fuel demand soared during the recovery from Covid lockdowns.

A rebound in the global economy could propel coal demand to an all-time high in 2022, according to the International Energy Agency. According to a report by the watchdog, coal-based electricity production has risen by 9 per cent this year as fossil fuel demand soared during the recovery from Covid lockdowns. Also read | By 2030, India will be able to meet its electricity needs through renewable energy: Study The pandemic caused coal power to decrease by 4 per cent in 2020, but the IEA data shows that demand for electricity this year outpaced the growth of low-carbon sources, so many wealthy countries remain dependent on fossil fuels. Global gas supply shortages, which have driven prices up worldwide to record levels, have affected coal demand as well, according to the IEA report. Overall, global coal demand, including cement and steel production, rose by 6 per cent this year. Even though the total is below the demand for fuel seen in 2013 and 2014, the IEA warned that without policy intervention, it could surpass those levels next year. Watch | COP26 climate summit | Can coal by phased-out completely? IEA executive director Fatih Birol noted that coal is the single largest source of global carbon emissions and that this year's record coal power generation is an indication of how far off track the global effort to reduce carbon emissions has gone. Unless governments act quickly to tackle coal emissions – in ways that are fair, affordable, and secure for those affected – we have little chance of limiting global warming to 1.5C, she added. This report comes in the wake of the COP26 climate talks, which ended in a bitter disagreement over the pledge to abandon coal. After last-minute intervention from India, China the pact's language was changed from "phasing out" to "phasing down". Also read | COP26: China defends move on joining India to ‘phase down’ instead of ‘phase out’ coal Following the climate talks, COP26 president Alok Sharma said that India and China would have to explain themselves to poor nations after watering down the Glasgow agreement adding that he was deeply frustrated by their actions. India's coal-fired electricity production is expected to increase by 12 per cent this year, according to the IEA report, while China's coal power is expected to grow by 9 per cent despite a recent slowdown. The IEA says this would be the highest level seen in either country, despite an impressive rollout of solar and wind power projects.

Coal demand can rise to an all-time high in 2022: IEA

Governments must step up investment in low-carbon hydrogen to unlock its potential and help the world achieve net zero emissions, with $1.2 trillion needed by 2030, the International Energy Agency said on Monday.

Governments with hydrogen strategies have committed $37 billion so far, while the private sector has announced $300 billion, said the IEA, which advises developed countries on energy policies.

Only three countries, France, Japan and South Korea, had hydrogen strategies in 2019, but 17 do now and 20 others are working on one, the IEA said in its Global Hydrogen Review for 2021.

There are pilot projects to produce steel and chemicals with low-carbon hydrogen, the report noted.

The technology also has potential in other sectors where emissions are difficult to reduce, including long-haul trucking, shipping and aviation, the agency said.

"We have experienced false starts before with hydrogen, so we can't take success for granted," said IEA executive director Fatih Birol.

"But this time, we are seeing exciting progress in making hydrogen cleaner, more affordable and more available for use across different sectors of the economy," he said.

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Birol urged governments to "take rapid actions to lower the barriers that are holding low-carbon hydrogen back from faster growth, which will be important if the world is to have a chance of reaching net zero emissions by 2050."&nbsp;

Nearly all hydrogen produced today comes from fossil fuels and releases 900 million tonnes of CO2 emissions -- as much as Britain and Indonesia combined, according to the IEA.

Low-carbon hydrogen requires large amounts of electricity to produce it from water, or the use of carbon-capture technologies if it is to be made from fossil fuels, it said.

"The main obstacle to the extensive use of low-carbon hydrogen is the cost of producing it," the report said.

The report comes as governments prepare for the COP26 climate summit in Scotland next month.

Candidates have until Friday to file their official certificates to contest the polls.

The EU had yet to formally reply to UK proposals made in July to reform the so-called Northern Ireland Protocol, he noted.

"But from what I hear, I worry that we will not get one which enables the significant change we need.&nbsp;

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"So I urge the EU to be ambitious. It's no use tinkering around the edges. &nbsp;We need significant change," Frost said.&nbsp;

"But we cannot wait for ever. Without an agreed solution soon, we will need to act, using the Article 16 safeguard mechanism, to address the impact the protocol is having on Northern Ireland."

The protocol formed part of the UK's drawn-out divorce from the EU, and was designed to prevent unchecked goods heading into the bloc's single market via the UK's only land border with the EU to Ireland.

But pro-UK unionists in Northern Ireland are opposed, arguing that border checks on goods from mainland Great Britain -- England, Scotland and Wales -- effectively creates a border in the Irish Sea, compromising the province's place in the wider UK.

Brussels insists that the protocol is not up for renegotiation, and could trigger trade reprisals should the UK invoke its Article 16, which would suspend the pact owing to extraordinary circumstances.

"That may in the end be the only way to protect our country -- our people, our trade, our territorial integrity, the peace process, and the benefits of this great UK of which we are all part," Frost warned.

Addressing the annual conference of the ruling Conservative party, Brexit minister David Frost said: "The long bad dream of our EU membership is over.

Domagoso, 46, popularly known by his celebrity nickname Isko Moreno, and his running-mate Willie Ong, a doctor with more than 16 million followers on Facebook, filed their certificates of candidacy at the Commission on Elections, reports Xinhua news agency

Governments must step up investment in low-carbon hydrogen to unlock its potential and help the world achieve net zero emissions, with $1.2 trillion needed by 2030, the International Energy Agency said on Monday.

Governments must step up investment in low-carbon hydrogen to unlock its potential and help the world achieve net zero emissions, with $1.2 trillion needed by 2030, the International Energy Agency said on Monday. Governments with hydrogen strategies have committed $37 billion so far, while the private sector has announced $300 billion, said the IEA, which advises developed countries on energy policies. Only three countries, France, Japan and South Korea, had hydrogen strategies in 2019, but 17 do now and 20 others are working on one, the IEA said in its Global Hydrogen Review for 2021. There are pilot projects to produce steel and chemicals with low-carbon hydrogen, the report noted. The technology also has potential in other sectors where emissions are difficult to reduce, including long-haul trucking, shipping and aviation, the agency said. "We have experienced false starts before with hydrogen, so we can't take success for granted," said IEA executive director Fatih Birol. "But this time, we are seeing exciting progress in making hydrogen cleaner, more affordable and more available for use across different sectors of the economy," he said. Also Read: World Animal Day 2021: Conservation efforts bring animals back from extinction in wild Birol urged governments to "take rapid actions to lower the barriers that are holding low-carbon hydrogen back from faster growth, which will be important if the world is to have a chance of reaching net zero emissions by 2050." Nearly all hydrogen produced today comes from fossil fuels and releases 900 million tonnes of CO2 emissions -- as much as Britain and Indonesia combined, according to the IEA. Low-carbon hydrogen requires large amounts of electricity to produce it from water, or the use of carbon-capture technologies if it is to be made from fossil fuels, it said. "The main obstacle to the extensive use of low-carbon hydrogen is the cost of producing it," the report said. The report comes as governments prepare for the COP26 climate summit in Scotland next month. Candidates have until Friday to file their official certificates to contest the polls. The EU had yet to formally reply to UK proposals made in July to reform the so-called Northern Ireland Protocol, he noted. "But from what I hear, I worry that we will not get one which enables the significant change we need. Also Read: Oil spill due to pipeline leak hits California shores "So I urge the EU to be ambitious. It's no use tinkering around the edges. We need significant change," Frost said. "But we cannot wait for ever. Without an agreed solution soon, we will need to act, using the Article 16 safeguard mechanism, to address the impact the protocol is having on Northern Ireland." The protocol formed part of the UK's drawn-out divorce from the EU, and was designed to prevent unchecked goods heading into the bloc's single market via the UK's only land border with the EU to Ireland. But pro-UK unionists in Northern Ireland are opposed, arguing that border checks on goods from mainland Great Britain -- England, Scotland and Wales -- effectively creates a border in the Irish Sea, compromising the province's place in the wider UK. Brussels insists that the protocol is not up for renegotiation, and could trigger trade reprisals should the UK invoke its Article 16, which would suspend the pact owing to extraordinary circumstances. "That may in the end be the only way to protect our country -- our people, our trade, our territorial integrity, the peace process, and the benefits of this great UK of which we are all part," Frost warned. Addressing the annual conference of the ruling Conservative party, Brexit minister David Frost said: "The long bad dream of our EU membership is over. Domagoso, 46, popularly known by his celebrity nickname Isko Moreno, and his running-mate Willie Ong, a doctor with more than 16 million followers on Facebook, filed their certificates of candidacy at the Commission on Elections, reports Xinhua news agency

Hydrogen needs $1.2 tn for zero emissions goal: IEA

According to the International Energy Agency (IEA), global greenhouse gas emissions will grow again this year and next year, putting 2023 on course to be the year with the greatest levels of carbon dioxide output in human history.

Greenhouse Gas Emissions to set a new record in 2023

After a drop last year, global greenhouse gas emissions will grow again this year and next year, putting 2023 on course to be the year with the greatest levels of carbon dioxide output in human history, according to the International Energy Agency.&nbsp;

The IEA predicted in its latest report monitoring pandemic recovery efforts worldwide that governments had provided $380 billion in clean energy support out of a total of $16 trillion in pandemic support.&nbsp; 
 
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Even if all of these steps were implemented on time, the world would still be “far from what is required to put the world on a road to net-zero emissions by mid-century,” according to the report.

It isn't even enough to keep global emissions from reaching new highs, according to IEA's executive director.&nbsp; 
 
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Such an increase would put the Paris climate agreement's goals out of reach, as experts have warned that emissions must be cut in half this decade if global temperature rises are to be kept at 1.5 degrees Celsius, beyond which the effects of climate breakdown will destroy huge areas of the globe.&nbsp;

Watch | Gravitas Plus: Who is responsible for Climate Change?

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Watch | Greenhouse gases hit new record despite lockdowns

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Governments all across the world have pledged to promote "green" recovery and use pandemic assistance measures to accelerate the transition away from fossil fuels.

However, studies have regularly concluded that such spending falls well short of what is required to keep global warming from reaching catastrophic levels.&nbsp;

(With inputs from agencies)

After a drop last year, global greenhouse gas emissions will grow again this year and next year, putting 2023 on course to be the year with the greatest levels of carbon dioxide output in human history, according to the International Energy Agency.

After a drop last year, global greenhouse gas emissions will grow again this year and next year, putting 2023 on course to be the year with the greatest levels of carbon dioxide output in human history, according to the International Energy Agency. The IEA predicted in its latest report monitoring pandemic recovery efforts worldwide that governments had provided $380 billion in clean energy support out of a total of $16 trillion in pandemic support. Also read | Indian cities witnessed spike in NO2 pollution between April 2020 and 2021: Report Even if all of these steps were implemented on time, the world would still be “far from what is required to put the world on a road to net-zero emissions by mid-century,” according to the report. It isn't even enough to keep global emissions from reaching new highs, according to IEA's executive director. In Pics | Fatal flooding in Western Germany Such an increase would put the Paris climate agreement's goals out of reach, as experts have warned that emissions must be cut in half this decade if global temperature rises are to be kept at 1.5 degrees Celsius, beyond which the effects of climate breakdown will destroy huge areas of the globe. Watch | Gravitas Plus: Who is responsible for Climate Change? Watch | Greenhouse gases hit new record despite lockdowns Governments all across the world have pledged to promote "green" recovery and use pandemic assistance measures to accelerate the transition away from fossil fuels. However, studies have regularly concluded that such spending falls well short of what is required to keep global warming from reaching catastrophic levels. (With inputs from agencies)

Greenhouse gas emissions are on track to set a new record in 2023: IEA

Global oil inventories could rise sharply despite an agreement by<a href="https://www.wionews.com/business-economy/opec-gearing-up-for-deeper-oil-cuts-russia-yet-to-agree-266198"> OPEC </a>and its allies to deepen output cuts, as well as lower expected production by the United States and other non-OPEC nations, the<a href="https://www.wionews.com/business-economy/us-briefly-overtakes-saudi-arabia-as-top-oil-exporter-international-energy-agency-249182"> International Energy Agency </a>(IEA), said on Thursday.

"Despite the additional curbs and a reduction in our forecast of 2020 non-OPEC supply growth to 2.1 million barrels per day (BPD), global oil inventories could build by 700,000 BPD&nbsp;in Q1 2020," the Paris-based IEA said in a monthly report.

The Organization of the <a href="https://www.wionews.com/business-economy/oil-prices-tumble-ahead-of-opec-meeting-global-stocks-fall-265363">Petroleum Exporting Countries</a> and other producers including Russia agreed last week to rein in output by an extra 500,000 BPD in the first quarter of 2020 to balance the market and buoy prices, but they stopped short of pledging action beyond March.

Even if the group adhered strictly to the new pact and output from members beset by political troubles such as Iran, Libya and Venezuela remained steady, the IEA said that only 530,000 bpd of crude would be withdrawn from the market compared to November production.

The group's production is also set to outstrip the IEA's projection of demand for its crude by 700,000&nbsp;BPD in the first half of next year and a full million bpd in the second half.

The IEA revised down its forecast for supply growth by non-OPEC countries in 2020 by 200,000&nbsp;BPD "on a continued slowdown in the US, reduced expectations for Brazil and Ghana as well as additional cuts by (OPEC's allies)".

The biggest reduction is expected to be in US&nbsp;shale output, where operators have been cutting spending under investor pressure to improve returns.

The IEA estimates total US&nbsp;oil production growth will slow to 1.1 million BPD in&nbsp;2020 from 1.6 million bpd this year.

Global oil inventories could rise sharply despite an agreement by OPEC and its allies to deepen output cuts, as well as lower expected production by the United States and other non-OPEC nations, the International Energy Agency (IEA), said on Thursday.

Global oil inventories could rise sharply despite an agreement by OPEC and its allies to deepen output cuts, as well as lower expected production by the United States and other non-OPEC nations, the International Energy Agency (IEA), said on Thursday. "Despite the additional curbs and a reduction in our forecast of 2020 non-OPEC supply growth to 2.1 million barrels per day (BPD), global oil inventories could build by 700,000 BPD in Q1 2020," the Paris-based IEA said in a monthly report. The Organization of the Petroleum Exporting Countries and other producers including Russia agreed last week to rein in output by an extra 500,000 BPD in the first quarter of 2020 to balance the market and buoy prices, but they stopped short of pledging action beyond March. Even if the group adhered strictly to the new pact and output from members beset by political troubles such as Iran, Libya and Venezuela remained steady, the IEA said that only 530,000 bpd of crude would be withdrawn from the market compared to November production. The group's production is also set to outstrip the IEA's projection of demand for its crude by 700,000 BPD in the first half of next year and a full million bpd in the second half. The IEA revised down its forecast for supply growth by non-OPEC countries in 2020 by 200,000 BPD "on a continued slowdown in the US, reduced expectations for Brazil and Ghana as well as additional cuts by (OPEC's allies)". The biggest reduction is expected to be in US shale output, where operators have been cutting spending under investor pressure to improve returns. The IEA estimates total US oil production growth will slow to 1.1 million BPD in 2020 from 1.6 million bpd this year.

Oil market to remain oversupplied despite OPEC+ pact, says IEA

A short walk from the Eiffel Tower, Fatih Birol oversees the world’s energy watchdog, whose analyses of fuel demand have long been viewed as the gold standard by government officials, energy executives and investors.

But now, the Turkish economist and the International Energy Agency (IEA) he heads are facing mounting pressure from groups concerned about climate change – including investors, scientists and former United Nations diplomats - over the organisation's widely watched annual outlook.

The World Energy Outlook, due to be published Wednesday, shapes expectations among governments, companies and investors over the future use of coal, oil and gas.

The critics say it underplays the speed at which the world could switch to renewable sources of energy. The result, they say, is to bolster the case for continued investment in fossil fuel companies, undermining the fight against climate change.

"The IEA is effectively creating its own reality. They project ever-increasing demand for fossil fuels, which in turn justifies greater investments in supply, making it harder for the energy system to change," said Andrew Logan, senior director of oil and gas at Ceres, a US&nbsp;non-profit group that promotes environmentally-friendly business.

Senior IEA officials say they share concerns over climate change but defend their organisation's work, saying the criticism is based on a misunderstanding of what the World Energy Outlook intends to show. They say the goal of the publication is to help governments assess the likely consequences of existing energy policies, not forecast what the world’s energy system will look like decades into the future.

The IEA,&nbsp;which is mainly funded by industrialized nations including the United States, Germany and Japan, advises governments on energy policy.

“If they criticise us, the only option that comes to my mind is that they don’t know exactly what we are doing,” said 61-year old Birol during an interview at the IEA’s headquarters in Paris last week. “They must be misunderstood, or they must have been misled.”

IEA officials also say there is also some wishful thinking about how quickly the transition to cleaner energy could happen.

"A lot of times people want to believe there's some simple lever that you push: 'change the IEA and the world will be better,"&nbsp;said David Turk, who had been a senior climate official in former US&nbsp;President Barack Obama’s administration and now heads the IEA's strategic initiatives office.

The IEA has long faced criticism from other energy analysts who say the outlook has failed to capture dramatic falls in the cost of solar power. Tim Buckley, a Sydney-based analyst at the Institute for Energy Economics and Financial Analysis think tank, said the cost in the United States had fallen to below $40 per megawatt-hour this year but the last World Energy Outlook implied a current figure closer to $90.

The IEA says much of the dramatic expansion of the solar industry has been driven by policy changes in China, which the outlook was not designed to predict, and that projections in other areas had proved accurate.

The increased scrutiny of the World Energy Outlook shows how the once esoteric subject of energy modelling is becoming a focus of the mainstream investment community as worries over climate change intensify.

Concerns among fund managers about the implications for their investments escalated after the world’s climate scientists issued a landmark U.N.-backed report late last year offering a stark assessment of the likely consequences of rising global temperatures.

The report said the worst effects could be averted by limiting the temperature increase to 1.5 degree Celsius above the levels of pre-industrial times. That target is the most ambitious goal of the 2015 Paris Agreement, the global pact to curb global warming.

Birol was instrumental in developing the models used to compile the World Energy Outlook during his previous role as the agency’s chief economist. The outlook is published each year with a different cover featuring the yellow and red colours of Birol's favourite soccer club, Istanbul-based Galatasaray.

The publication’s main report, or scenario, maps how demand for different forms of energy would evolve over the next couple of decades based on existing government policy commitments. Some critics say that because it doesn’t take account of the likelihood that governments will take more drastic action to curb emissions, it means projections will inevitably be conservative.

IEA officials emphasised that the outlook is not a forecast, rather it explores the implications of existing policies, which is made clear in the introduction.

Another scenario, called the Sustainable Development Scenario, aims to show how the global balance of renewable energy and fossil fuel would need to change to meet the temperature goals of the Paris accord, cut air pollution and expand access to electricity for the world’s poor.

Investors and climate activists are lobbying Birol to include a scenario that uses the most ambitious Paris Agreement target of a 1.5 Celsius increase. In the last outlook, the Sustainable Development Scenario implied warming of about 1.7 to 1.8 degree Celsius.

Investors say using the more ambitious target could spur a faster switch to renewables by showing the financial markets a path for meeting the goal.

Among those pressing Birol for that change is a group of institutional investors representing $30 trillion of assets under management, called the Institutional Investors Group on Climate Change.

In a previously unreported letter sent to Birol earlier this year, the group said that appropriate scenarios are important to institutional investors for understanding their exposure to climate risks and deciding how to allocate capital. The IEA’s scenarios “materially impact expectations for future investment returns,” the investors wrote.

Birol, who downplays the extent to which the outlook guides investment decisions, said the next World Energy Outlook takes the latest findings of climate science into account. The IEA in comments on its website last month said that it will explore a path with a 50 per cent&nbsp;chance of stabilising warming at 1.5 degree Celsius without relying heavily on still early-stage techniques for sucking carbon from the atmosphere.

The Sustainable Development Scenario will be “more stringent” than in the previous outlook, Laura Cozzi, the IEA’s chief energy modeller, told Reuters. IEA officials said it was very challenging to model a scenario of a 1.5 degree Celsius rise given the amount of existing fossil fuel infrastructure.

In April, Birol received a separate letter expressing similar demands from more than 60 signatories, including leading climate scientists and former UN climate chief Christiana Figueres as well as several large asset managers, including UK-based asset manager Legal &amp; General Investment Management Ltd. and Sarasin &amp; Partners LLP.

The letter also urged Birol to make clear that the outlook’s main scenario, which had been called the New Policies Scenario and reflects governments’ existing climate pledges, is a “business as usual scenario” that would lead to a rise of between 2.7 and 3 degree Celsius.

In the comments on its website, the IEA said it would rename its main report the Stated Policies Scenario to clarify it reflected existing commitments.

The groups pushing for change welcomed the name change but said they would study the new outlook when it is published to reach firmer conclusions.

A short walk from the Eiffel Tower, Fatih Birol oversees the world’s energy watchdog, whose analyses of fuel demand have long been viewed as the gold standard by government officials, energy executives and investors.

A short walk from the Eiffel Tower, Fatih Birol oversees the world’s energy watchdog, whose analyses of fuel demand have long been viewed as the gold standard by government officials, energy executives and investors. But now, the Turkish economist and the International Energy Agency (IEA) he heads are facing mounting pressure from groups concerned about climate change – including investors, scientists and former United Nations diplomats - over the organisation's widely watched annual outlook. The World Energy Outlook, due to be published Wednesday, shapes expectations among governments, companies and investors over the future use of coal, oil and gas. The critics say it underplays the speed at which the world could switch to renewable sources of energy. The result, they say, is to bolster the case for continued investment in fossil fuel companies, undermining the fight against climate change. "The IEA is effectively creating its own reality. They project ever-increasing demand for fossil fuels, which in turn justifies greater investments in supply, making it harder for the energy system to change," said Andrew Logan, senior director of oil and gas at Ceres, a US non-profit group that promotes environmentally-friendly business. Senior IEA officials say they share concerns over climate change but defend their organisation's work, saying the criticism is based on a misunderstanding of what the World Energy Outlook intends to show. They say the goal of the publication is to help governments assess the likely consequences of existing energy policies, not forecast what the world’s energy system will look like decades into the future. The IEA, which is mainly funded by industrialized nations including the United States, Germany and Japan, advises governments on energy policy. “If they criticise us, the only option that comes to my mind is that they don’t know exactly what we are doing,” said 61-year old Birol during an interview at the IEA’s headquarters in Paris last week. “They must be misunderstood, or they must have been misled.” IEA officials also say there is also some wishful thinking about how quickly the transition to cleaner energy could happen. "A lot of times people want to believe there's some simple lever that you push: 'change the IEA and the world will be better," said David Turk, who had been a senior climate official in former US President Barack Obama’s administration and now heads the IEA's strategic initiatives office. The IEA has long faced criticism from other energy analysts who say the outlook has failed to capture dramatic falls in the cost of solar power. Tim Buckley, a Sydney-based analyst at the Institute for Energy Economics and Financial Analysis think tank, said the cost in the United States had fallen to below $40 per megawatt-hour this year but the last World Energy Outlook implied a current figure closer to $90. The IEA says much of the dramatic expansion of the solar industry has been driven by policy changes in China, which the outlook was not designed to predict, and that projections in other areas had proved accurate. The increased scrutiny of the World Energy Outlook shows how the once esoteric subject of energy modelling is becoming a focus of the mainstream investment community as worries over climate change intensify. Concerns among fund managers about the implications for their investments escalated after the world’s climate scientists issued a landmark U.N.-backed report late last year offering a stark assessment of the likely consequences of rising global temperatures. The report said the worst effects could be averted by limiting the temperature increase to 1.5 degree Celsius above the levels of pre-industrial times. That target is the most ambitious goal of the 2015 Paris Agreement, the global pact to curb global warming. Birol was instrumental in developing the models used to compile the World Energy Outlook during his previous role as the agency’s chief economist. The outlook is published each year with a different cover featuring the yellow and red colours of Birol's favourite soccer club, Istanbul-based Galatasaray. The publication’s main report, or scenario, maps how demand for different forms of energy would evolve over the next couple of decades based on existing government policy commitments. Some critics say that because it doesn’t take account of the likelihood that governments will take more drastic action to curb emissions, it means projections will inevitably be conservative. IEA officials emphasised that the outlook is not a forecast, rather it explores the implications of existing policies, which is made clear in the introduction. Another scenario, called the Sustainable Development Scenario, aims to show how the global balance of renewable energy and fossil fuel would need to change to meet the temperature goals of the Paris accord, cut air pollution and expand access to electricity for the world’s poor. Investors and climate activists are lobbying Birol to include a scenario that uses the most ambitious Paris Agreement target of a 1.5 Celsius increase. In the last outlook, the Sustainable Development Scenario implied warming of about 1.7 to 1.8 degree Celsius. Investors say using the more ambitious target could spur a faster switch to renewables by showing the financial markets a path for meeting the goal. Among those pressing Birol for that change is a group of institutional investors representing $30 trillion of assets under management, called the Institutional Investors Group on Climate Change. In a previously unreported letter sent to Birol earlier this year, the group said that appropriate scenarios are important to institutional investors for understanding their exposure to climate risks and deciding how to allocate capital. The IEA’s scenarios “materially impact expectations for future investment returns,” the investors wrote. Birol, who downplays the extent to which the outlook guides investment decisions, said the next World Energy Outlook takes the latest findings of climate science into account. The IEA in comments on its website last month said that it will explore a path with a 50 per cent chance of stabilising warming at 1.5 degree Celsius without relying heavily on still early-stage techniques for sucking carbon from the atmosphere. The Sustainable Development Scenario will be “more stringent” than in the previous outlook, Laura Cozzi, the IEA’s chief energy modeller, told Reuters. IEA officials said it was very challenging to model a scenario of a 1.5 degree Celsius rise given the amount of existing fossil fuel infrastructure. In April, Birol received a separate letter expressing similar demands from more than 60 signatories, including leading climate scientists and former UN climate chief Christiana Figueres as well as several large asset managers, including UK-based asset manager Legal & General Investment Management Ltd. and Sarasin & Partners LLP. The letter also urged Birol to make clear that the outlook’s main scenario, which had been called the New Policies Scenario and reflects governments’ existing climate pledges, is a “business as usual scenario” that would lead to a rise of between 2.7 and 3 degree Celsius. In the comments on its website, the IEA said it would rename its main report the Stated Policies Scenario to clarify it reflected existing commitments. The groups pushing for change welcomed the name change but said they would study the new outlook when it is published to reach firmer conclusions.

World's energy watchdog is undermining climate change battle, critics say

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