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The energy crisis and electrification
…fbirol/status/2064427826934055184?s=20 the IEA to produce a special report this year on how to accelerate electrification in line with increasing electricity’s share of final energy consumption globally from around 20% today to 35% by 2035.
In the European Union, electrification is a central part of reaching goals on energy security, competitiveness, affordability and emissions reductions. Our first article https://www.iea.org/commentaries/the-energy-crisis-creates-even-stronger-impetus-for-eu-electrification in a new commentary series explores EU electrification trends and prospects, including how the current energy crisis is improving the competitiveness of electric techno...
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Nigeria joins the IEA in a major step for global energy governance
…“As Nigeria works to strengthen energy security, support economic growth and expand energy access, deeper cooperation with the IEA will bring important benefits for both sides. We look forward to building on our already strong partnership and welcoming Nigeria to the IEA.”“I am elated with the decision of the IEA Members to officially welcome Nigeria to the IEA Family as an Association country,” said Nigeria’s Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo. “It is an honour for Nigeria to join this leading energy agency and I will take this opportunity to encourage the African continent to…
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How the crisis is reshaping energy investment
…by a wave of new LNG export projects.
The report finds growing interest among fuel-importing countries in energy sources available domestically, including renewables, nuclear power and, in some cases, coal. And while annual investment growth in renewables has moderated following several years of rapid expansion, renewables and nuclear power still account for more than 70% of total power generation investment globally.
To learn more, read the press release https://www.iea.org/news/impacts-of-middle-east-conflict-set-to-reshape-energy-investment-plans-as-disruptions-put-focus-on-security and explore the full report https://www.iea.org/...
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How the global landscape for energy investment is changing
…to market, including ways to reduce reliance on the Strait of Hormuz.
It is also reinforcing interest among fuel-importing countries in energy sources available domestically – including renewables, nuclear power, efficiency improvements and, in some cases, coal. Investment in renewable power generation projects is expected to total around $665 billion in 2026, with well over half of it going towards solar projects alone. Nuclear investment in 2026 is expected to be 75% higher than a decade ago, while coal investment is set to reach its highest level since 2012.
To better understand how investment choices impact energy security, our analysis…
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Bioenergy
Led by bioenergy, renewable fuels could approach 6% of energy demand from industry, buildings and transport in 2030
By 2030, renewable fuels are set to account for 5.5% of energy consumption from the industry, building and transport sectors. Demand is due to expand in all regions, but it is concentrated in China, Brazil, Europe, India and the United States, which collectively support more than two-thirds of the forecasted growth. All five countries and regions have dedicated support policies for several – and, in some cases, all – renewable fuels. These vary by fuel, sector and country, but they often include…
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IEA Ministerial Meeting underscores Agency’s central role in tackling global energy challenges
…cooperation to address the major energy challenges and opportunities facing the world.The two-day event was attended by top government officials from a record 54 countries, with some 40 of them at Ministerial level. Top executives from 55 companies, with a combined market capitalisation of $14 trillion, as well as leaders from a range of intergovernmental organisations, also participated.At the Ministerial, IEA Member governments unanimously agreed to move ahead on building deeper institutional ties with Brazil, Colombia, India and Viet Nam – and to expanded cooperation on critical minerals through the IEA’s Critical Minerals Security Programme.“These two…
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Executive Director meets with Prime Minister of Australia to discuss urgent energy challenges facing Asia-Pacific region
…Dr Birol thanked Prime Minister Albanese for the steps Australia has taken so far to safeguard fuel security, including support for recent IEA actions. On 11 March, IEA Member countries agreed to release 400 million barrels of oil from emergency reserves to ease the market pressure stemming from the near-shutdown of the Strait, the largest ever collective action in history. During his visit, Dr Birol also had a bilateral meeting with Australia’s Minister for Climate Change and Energy Chris Bowen to discuss the latest developments in oil and gas markets and steps the government’s response to the…
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IEA launches tracker to monitor policy responses to energy market impacts of Middle East conflict
…LNG has also been reduced by around 20% as a result of the situation.The IEA’s new tracker presents two main categories of action: measures aimed at conserving energy and those designed to support consumers. The tracker will be updated regularly as new policies are announced and the situation evolves, providing timely insights into how countries are addressing the crisis. The IEA has also published a menu of demand-side measures that governments, businesses and households can take to shelter consumers from oil price pressures and support energy security.In line with the Agency’s core mandate to safeguard energy security…
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Joint Statement by the Heads of the International Energy Agency, International Monetary Fund, and World Bank Group
…We are committed to working together to safeguard global economic and financial stability, strengthen energy security, and support affected countries and people on their path to sustained recovery, growth, and job creation through reforms.About the International Energy AgencyThe International Energy Agency, the global energy authority, was founded in 1974 to help its Member countries coordinate collective responses to major oil supply disruptions. Its mission has expanded and evolved since, and rests today on three main pillars: working to ensure global energy security; expanding energy cooperation and dialogue around the world; and supporting a secure, affordable and sustainable energy future....
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Executive Director meets with Prime Minister of Canada on energy market turmoil amid Middle East conflict
Discussions with government leaders in Ottawa focus on impacts of Strait of Hormuz disruption and Canada’s opportunity to become one of the world’s major energy exporters IEA Executive Director Fatih Birol met this week with Prime Minister Mark Carney of Canada and senior government figures to discuss key issues including the energy crisis resulting from the war in the Middle East and Canada’s contributions to international energy security.In their bilateral meeting in Ottawa, Dr Birol and Prime Minister Carney spoke about the implications of the disruptions to shipping traffic through the Strait of Hormuz on global…
