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Energy Innovation
CERT co-ordinates and promotes the development, demonstration and deployment of clean energy technologies. The CERT has established five working parties: the Working Party on Fossil Energy; the Working Party on Renewable Energy Technologies; the Working Party on Energy End-Use Technologies; the Fusion Power Co-ordinating Committee and the Working Party of Industrial Decarbonisation. The CERT has also established an Experts' Group on R&D Priority-Setting and Evaluation (EGRD) to advise on R&D priority-setting, linkages to governmental policy objectives and methods in the evaluation of R&D activities, and an understanding of emerging R&D topics. Energy…
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COP28: Tracking the Energy Outcomes
The latest IEA data and analysis on global action to meet the energy goals set at COP28 Nearly 200 countries made major collective pledges on energy at the COP28 climate summit in Dubai with the aim of keeping within reach the Paris Agreement target of limiting global warming to 1.5 °C. For the first time, governments explicitly recognised that to achieve this target, energy-related emissions need to reach net zero by 2050, and they set key goals to help meet this objective – including tripling global renewable energy capacity and doubling global energy efficiency improvements by 2030, and deploying emerging technologies…
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The Middle East and Global Energy Markets
…have experienced significant volatility since the war began. In the wake of the largest oil supply disruption in history, Brent futures – the global benchmark for crude prices – rose steeply, peaking at more than 60% above pre-conflict levels in late April. Prices pulled back in late May and early June as strategic stock releases and demand weakness eased market tightness, and after the United States and Iran announced an interim agreement to end hostilities. Physical crude markets continue to reflect acute supply tightness as refiners scramble to replace lost Middle Eastern cargoes with alternative supplies. Prices for certain oil products –…
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Net Zero Emissions
An increasing number of countries have been making pledges to reduce their emissions to net zero in the coming decades. To inform these efforts, the IEA released a first-of-its-kind Net Zero Roadmap in 2021, outlining what would be required within the energy sector to achieve this goal at the global level by mid-century. An update to the Roadmap, which has served as an essential benchmark for policy makers, industry, the financial sector and civil society, was published in 2023.The Roadmap is based on the IEA’s Net Zero Emissions (NZE) Scenario, which portrays a pathway for the…
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Fossil Fuel Subsidies
…correspond to the full cost of supply. The price gap is the amount by which an end-use price is short of the reference price. Its existence indicates the presence of a subsidy. In a given economy, the basic calculation of subsidies for a product is:Subsidy = (Reference price - End-user price) × Units consumedThese calculations require substantial data. End-user price and consumption data are drawn from IEA data and, where necessary, from government sources and other reports. The estimates are also sensitive to reference prices, which are calculated based on international prices. Electricity reference prices are derived from…