Day: December 6, 2022

The energy crisis is fuelling an acceleration of the rollout of renewable power, raising hopes for efforts to meet ambitious targets against global warming, the International Energy Agency said Tuesday. Total renewables capacity worldwide is set to almost double in the next five years and overtake coal as the largest source of electricity generation by 2025, the IEA said in a report. The 2,400-gigawatt growth between 2022-2027 is almost a third higher than last year’s IEA forecast, according to the Paris-based agency, which advises developed nations. This would help “keep…

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There is no question that the energy crisis has forced governments to reconsider their priorities, with climate change dropping down the list. Energy security is now prioritised and government actions reflect this, even in Europe. That has been reinforced by the final deal reached at COP27. It also explains why COP27 made so little progress on emissions reduction. There is increasing recognition that the world will still need secure and affordable supplies of oil and gas for a long-time to come. This was confirmed at COP27 by the majority of…

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In November, Europe’s natural gas demand was 24% lower than the five-year average for the month, largely due to reduced industrial demand amid high prices. The lower gas consumption could be good news for European governments and utilities scrambling to ensure enough gas supply throughout this winter and possibly have some left in storage to begin stockpiling for 2023/2024 winter. With lower gas consumption and not much Russian gas flowing via pipelines, the EU has continued to cut its dependence on Russia, from around 40% of imported gas supplies before…

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