No one said the zero-carbon energy transition would be easy. The world faces a “staggering” surplus of oil equating to millions of barrels a day by the end of the decade, according to the IEA. Growth in the world’s demand for oil is expected to slow in the coming years as energy transitions advance. At the same time, global oil production is set to ramp up, easing market strains and pushing spare capacity towards levels unseen outside of the Covid crisis, according to the IEA’s new oil market outlook.
The IEA explains the market dynamics: “Based on today’s policies and market trends, strong demand from fast-growing economies in Asia, as well as from the aviation and petrochemicals sectors, is set to drive oil use higher in the coming years, the report finds. But those gains will increasingly be offset by factors such as rising electric car sales, fuel efficiency improvements in conventional vehicles, declining use of oil for electricity generation in the Middle East, and structural economic shifts. As a result, the report forecasts that global oil demand, which including biofuels averaged just over 102 million barrels per day in 2023, will level off near 106 million barrels per day towards the end of this decade.”
The IEA also recently reported in its World Energy Investment 2024 publication that clean energy investments now surpass fossil fuel spending at a ratio of 2:1, helped by the falling price of essential commodities to renewable technologies. Total energy investment worldwide is expected to exceed $3 trillion in 2024 for the first time, with some $2 trillion set to go toward clean technologies – including renewables, electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements and heat pumps.
The bi-annual eceee summer study ended Saturday. With over 350 attending the week-long event at Center Parcs Lac d’Ailette, north-east of Paris, there was much to learn and discuss. Important themes included the role of energy efficiency and narratives on delivering ambitious scenarios for sufficiency, and a just and inclusive energy transition. The week was focused on the challenges to decarbonise to meet our 2015 Paris climate objectives. Almost half of the attendees were there for the first time to learn and share their own experience. These summer studies have been going on since 1993 and over the years they have contributed so much to our evidence-based knowledge and to building up our analytical tools. Yes, and building an ever-increasing energy efficiency community, both within Europe and globally. EiD was proud to be a sponsor.
In the context of COP29 in Azerbaijan in November, there is a global call to the UNFCCC to include cultural heritage, the arts and creative sectors in climate policy. To better understand the role of music psychology and climate action, read this article by Lindsay A. Fleming and Daniel J. Levitin of McGill University.
In planning travel over the upcoming weeks, here is some useful news to help you along:
- Lonely Planet provides 6 of the best European train routes for summer 2024.
- For the best hikes in Europe in 2024, there are many good suggestions on the 57 hours website. For those who want to combine hiking with food and wine, check out the Hedonistic Hiking website.
- 5 stunning spring cycling destinations in Europe are recommended on the Get Your Guide website.
- There is always the option of virtual tourism at the Xplore Nature Channel. There are now 130 videos. Find out more about the channel here. Why not start with a nature walk in Spain to Fonts de l’Algar Waterfalls.
William Butler Yeats (1865-1939), the Irish poet and one of the foremost figures of 20th-century, gives us much to think about this week: “Out of the quarrel with others we make rhetoric; out of the quarrel with ourselves we make poetry.”
EiD welcomes your views about this week’s selection of posts on the zero-carbon energy transition:
- Provisional EEA data on CO2 emissions from new cars and vans in 2023 in Europe
- “The agency of youth will continue to help shape climate action”
- New report shows countries can triple climate ambition by COP30
- Bonn climate talks preparing for COP29 considered disappointing
- Climate change is affecting wine producers everywhere but farmers producing prosecco in Italy have been plunged into crisis mode
- Reaching net zero emissions across the economy is a technological and social challenge we must approach head-on
- Research that wind and solar projects will be more cost effective than hydropower by 2030 in Africa
- How global warming is already impacting sport, and how the sports world can fight back
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Energy in Demand - Sustainable Energy - Rod Janssen 