Energy & Climate: News and Facts Review

Imbalances in the global climate finance flow

noreply@blogger.com (Unknown) — Fri, 04 Oct 2024 05:35:00 +0000

There are clear imbalances in the global climate finance flow. Vast majority of the flows go to advanced economies and East Asia and Pacific region (mostly to China) – near 85% of the total $1415 bn private and public financing.

After 60 years of energy import, the U.S. has become a net total energy exporter since 2019

noreply@blogger.com (Unknown) — Wed, 17 Jul 2024 05:52:00 +0000

"U.S. energy consumption was higher than U.S. energy production in every year from 1958–2018. The difference between consumption and production was met by imports, particularly crude oil and petroleum products such as motor gasoline and distillate fuel oil. Total energy imports (based on heat content) peaked in 2007 and subsequently declined in nearly every year since then. Increases in U.S. crude oil and natural gas production reduced the need for crude oil and natural gas imports and contributed to increases in crude oil and natural gas exports. The United States has been a net total energy exporter—total energy exports have been higher than total energy imports—since 2019."

Source: EIA, 2024.

Key questions about "loss and damage" from climate change

noreply@blogger.com (Unknown) — Thu, 20 Jun 2024 02:58:00 +0000

Following are the 8 key questions answered in the WRI's article:

1) What Is Loss and Damage?
2) What Counts as Loss and Damage?
3) What Is the Difference Between Mitigation, Adaptation, and Addressing Loss and Damage?
4) What’s the History of Loss and Damage in UN Climate Negotiations?

Battery costs have fallen by more than 90% in recent years

noreply@blogger.com (Unknown) — Fri, 03 May 2024 02:26:00 +0000

"Battery storage in the power sector was the fastest growing energy technology in 2023 that was commercially available, with deployment more than doubling year-on-year. Despite the continuing use of lithium-ion batteries in billions of personal devices in the world, the energy sector now accounts for over 90% of annual lithium-ion battery demand."

Renewables will lead global electricity generation growth

noreply@blogger.com (Unknown) — Thu, 18 Apr 2024 00:02:00 +0000

About 85% of additional electricity demand through 2026 is set to come from developing economies, with China contributing substantially even as the country’s economy undergoes structural changes.

Challenges of the economy decarbonization for countries with various GDP and carbon intensity

noreply@blogger.com (Unknown) — Sun, 24 Mar 2024 20:29:00 +0000

The countries with significant CO2 emissions are mapped on diagram below depending on their GDP per capita and carbon intensity per unit of GDP.

Wealthy economies with low emissions per unit of GDP (U.S., Japan, EU countries) will be able to decarbonize comparatively quickly enough to meet their aggressive stated Net Zero timelines.

Heat pumps will play crucial role in CO2 reduction in buildings

noreply@blogger.com (Unknown) — Fri, 08 Mar 2024 06:17:00 +0000

According to International Energy Agency (IEA), heat pumps may reduce global hashtagCO2 emissions by 500 Mt by 2030 , or around 40% of total direct and indirect emissions reductions in space and water hashtagheating in buildings.

Battery EV is much more efficient than hydrogen fuel cell car

noreply@blogger.com (Unknown) — Thu, 21 Dec 2023 02:47:00 +0000

Battery EV is 3.3 times more efficient comparing with hydrogen fuel cell vehicle and 5.6 times more efficient than conventional internal combustion vehicles if hashtag renewable electricity is primary energy source.

UNFCCC's COP 28: main outcomes and failures

noreply@blogger.com (Unknown) — Tue, 21 Nov 2023 00:37:00 +0000

The 28th conference under the United Nations Framework Convention on Climate Change (UNFCCC) came at a critical moment in time, with 2023 set to be the warmest year on record and the impacts of climate change rapidly accelerating. International climate change negotiations at the COP28 conference in Dubai concluded on 13 December 2023.

Below are the main outcomes and failures of the COP 28:

Over 97% of recent car sales in Norway are electric and hybrid vehicles

noreply@blogger.com (Unknown) — Sun, 08 Oct 2023 05:00:00 +0000

Plugin EVs reached a record 87% share of auto market in September, PHEVs (plugin hybrids) are adding another 6.0%, and the share of hybrid vehicles is 4.3%.

EU countries lead the way to decarbonization and decoupling of economic growth and carbon emissions

noreply@blogger.com (Unknown) — Fri, 22 Sep 2023 02:58:00 +0000

Czech Republic, Finland, Germany, Netherlands, and Sweden are among those EU countries who achieved the success in growing their economies and, at the same time, reducing CO2 emissions during last 30 years.

Solar and Wind Power Experienced Impressive Cost Reduction between 2010 and 2022

noreply@blogger.com (Unknown) — Thu, 31 Aug 2023 02:58:00 +0000

The global weighted-average Levelized Cost of Electricity (LCOE) of newly commissioned utility-scale solar PV projects declined from USD 0.445/kWh to USD 0.049/kWh between 2010 and 2022 – a decrease of 89%.

At the same time the cost of electricity generated by power plants burning fossil fuels stayed in the range USD 0.080/kWh to USD 0.240/kWh.

Source: IRENA, 2022

The Government of Canada announced about phasing out inefficient fossil fuel subsidies

noreply@blogger.com (Unknown) — Fri, 28 Jul 2023 01:19:00 +0000

The Government of Canada will not provide fossil fuel subsidies unless they meet one or more of the following criteria:

- Enable significant net GHG emissions reductions in Canada or internationally in alignment with Article 6 of the Paris Agreement.

- Support clean energy, clean technology, or renewable energy.

IPCC about potential climate change adaptation and mitigation options

noreply@blogger.com (Unknown) — Tue, 28 Mar 2023 04:02:00 +0000

In its Sixth Assessment Report (AR6), IPCC integrates the contributions and findings of the three Working Groups. Compared with previous IPCC assessments, there is a greater focus on problem solutions, more regional information, and more integration across Working Groups. IPCC's AR6 states that world needs fast transitions across all sectors and systems to achieve deep and sustained emissions reductions and secure sustainable future for all.

The cost-of-living crisis and climate-related risks are the biggest future threats facing the world

noreply@blogger.com (Unknown) — Tue, 17 Jan 2023 07:05:00 +0000

The World Economic Forum asked 1,200 experts under its annual Global Risks Perception Survey to rank the most severe short- and long-term risks, and they identified the cost-of-living crisis as the most severe immediate risk but saw the failure to mitigate the climate crisis as the biggest risk 10 years from now.

The agreement on the EU Emissions Trading System and the Social Climate Fund

noreply@blogger.com (Unknown) — Sun, 01 Jan 2023 06:02:00 +0000

The European Council and the European Parliament reached a provisional political agreement on legislative proposals of the ‘Fit for 55’ package that will allow the EU to reduce its net greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels and to achieve climate neutrality in 2050 while making sure the most vulnerable citizens and micro-enterprises are effectively supported in the climate transition.

The Council and Parliament agreed to increase the overall ambition of emissions reductions by 2030 in the sectors covered by the EU ETS to 62%.

IEA plans to make all its data freely available

noreply@blogger.com (Unknown) — Fri, 07 Jan 2022 05:09:00 +0000

International Energy Agency (IEA) IS GOING TO FREE ITS ALL GLOBAL ENERGY DATA, Quantum Commodity Intelligence informed today. This will significantly improve data transparency in the energy sector as the world prepares to reduce dependency on fossil fuels and move towards a low-carbon future.

The proposal still needs to be supported by member countries at the next ministerial meeting to be held 2-3 February.

The largest in the world carbon capture plant is build in Iceland

noreply@blogger.com (Unknown) — Thu, 16 Dec 2021 01:19:00 +0000

The largest in the world “direct air capture” (DAC) plant will allow to capture and remove annually from the atmosphere the amount of carbon dioxide equivalent to emissions produced by 870 cars. CO2 is filtered out, mixed with water, and pumped into deep underground wells, where over the course of a few years it turns to stone. The plant was opened in September 2021 in Iceland, and it is operated by the Swiss engineering startup Climeworks.

EU funds the energy efficiency improvements in buildings

noreply@blogger.com (Unknown) — Wed, 24 Nov 2021 04:44:00 +0000

Around EUR 25 billion have been allocated in energy efficiency investments in buildings from EU funds over the period 2014-2020, while more than half of these fundings (EUR 12.7 billion) have been invested in the public sector, according to the recent JRC report " Financing energy renovations at local and regional levels. European status and good practices".

Public procurement and grants & subsidies represent more than 80% of all financial instruments adopted and reported by local authorities for the achievement of the 2030 target within the Covenant of Mayors (CoM) initiative.

Source: https://lnkd.in/ghf8kAK9

Global pandemic caused the decrease of U.S. primary energy consumption by 7% in 2020

noreply@blogger.com (Unknown) — Thu, 16 Sep 2021 03:56:00 +0000

U.S. primary energy consumption in 2020 was 92.9 Quads, significantly dropping from 100.2 Quads in 2019.

The contribution of renewable energy sources exceeded 12%, while fossil fuels (natural gas, oil, and coal) made up 79%, and nuclear - 9%.

IPCC: major climate changes are inevitable and irreversible

noreply@blogger.com (Unknown) — Tue, 10 Aug 2021 23:32:00 +0000

The AR6 Climate Change 2021: The Physical Science Basis, is a result of eight years of hard work of hundreds of experts and peer-review studies. It represents the world’s full knowledge to date of the physical basis of climate change and found that human activity was “unequivocally” the cause of rapid changes to the climate, including sea level rises, melting polar ice and glaciers, heatwaves, floods, and droughts.

Human influence has warmed the climate at a rate unprecedented in at least the past 2000 years

Current NDCs submission status under the Paris Agreement

noreply@blogger.com (Unknown) — Thu, 17 Jun 2021 21:06:00 +0000

Under the Paris Agreement, Parties must submit Nationally Determined Contributions (NDCs) to the UNFCCC and to introduce policies aiming the achievement of their stated objectives. The first round of NDCs, submitted by 191 countries, covers more than 90% of global energy‐related and industrial process CO2 emissions.

As of 23 April 2021, 80 countries have submitted new or updated NDCs to the UNFCCC, covering just over 40% of global CO2 emissions.

Still, just a few percent of the global net zero emission targets currently are supported by law (see figure below).

Source: IEA, 2021

IEA proposes technological and policy pathways allowing transition to a net zero energy system by 2050

noreply@blogger.com (Unknown) — Sun, 30 May 2021 20:03:00 +0000

The energy sector is the source of about 75% of GHG emissions today and holds the key to preventing the worst effects of climate change.

In its recent report NET ZERO BY 2050: A ROADMAP FOR THE GLOBAL ENERGY SECTOR, IEA proposes technological and policy pathways allowing transition to a net zero energy system by 2050 while ensuring stable and affordable energy supplies, providing universal energy access, and enabling robust economic growth.

The path to net-zero emissions is challenging: staying on it requires immediate and intensive deployment of all available clean and efficient energy technologies.

IRENA presented the outline of World Energy Transitions Outlook till 2050

noreply@blogger.com (Unknown) — Sat, 17 Apr 2021 21:54:00 +0000

Recently published preview of IRENA’s World Energy Transitions Outlook presents an outline of the global strategies towards carbon-neutrality and leads way to a climate-safe 1.5°C pathway by 2050.

It is projected that over 70% of all decarbonization solutions will involve renewable energy through the direct supply of low-cost power, efficiency, renewable-powered electrification in end-use. Carbon capture and removal technologies in combination with bioenergy will deliver the ‘remaining reductions towards a net-zero energy system.

More than 80% of global new electricity capacity added last year were renewables

noreply@blogger.com (Unknown) — Thu, 08 Apr 2021 04:00:00 +0000

Over 260 GW of renewable energy capacity were added last year worldwide, exceeding expansion in 2019 by close to 50%, despite the economic slowdown that resulted from the COVID-19 pandemic. Renewables account for 80% of all new electricity capacity added last year, with solar and wind representing 91% of new renewables, according to the recent report by IRENA.

The 10.3% rise in installed renewable capacity reflects expansion that beats long-term trends of more modest growth year-on-year.