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Financing CCUS at Scale Executive summary
The current wave of investment in carbon capture, utilisation and storage (CCUS) is larger and more geographically diverse than ever before. Momentum in private capital flowing into projects is reflected in the more than 30 final investment decisions (FIDs) that have been reached in the past 2 years alone, particularly in Europe and North America, and in key sectors including transport and storage, industry, and power. Investment has grown more than 15-fold since 2020, reaching over USD 5 billion in 2025. The pipeline of projects currently under construction suggests that after years of incremental capacity additions, operational capture capacity is set…
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Unlocking Ukraine’s Hydrogen Opportunity: A Roadmap Taking stock of the effect of war
Highlights The assets of many hydrogen users have been destroyed since Russia's full-scale invasion of Ukraine in February 2022, causing demand to plunge by 80%. Ukraine’s only operational refinery was severely damaged in 2022. Steel output has dropped by nearly two-thirds due to damage, occupation, logistical costs and electricity scarcity. Nevertheless, there is potential for future hydrogen demand in export-oriented sectors; prior to Russia’s invasion, 40% of Ukraine’s fertiliser output, 46% of its agricultural output and 67% of steel were exported.Power generation capacity has plummeted since Russia’s invasion. Nearly 80% of…
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Global Energy and Climate Model Understanding GEC Model scenarios
Overview The IEA’s medium- to long-term outlook publications – including the World Energy Outlook (WEO) and Energy Technology Perspectives (ETP) – use a scenario approach relying on the Global Energy and Climate (GEC) Model to examine future energy trends.Each scenario has the same starting point and is based on the latest data for energy supply and demand, markets, technology costs and policies, as well as the same pathways for future population and economic growth.The energy system described and explored in each scenario evolves in a distinctive pathway that delivers energy services with a different mix of technologies and…
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Financing the ASEAN Power Grid Executive summary
Southeast Asia’s electricity sector is on the cusp of major changes that underscore the case for regional integration Rapidly growing electricity demand alongside accelerating momentum behind renewables deployment will require major investment in grids across Southeast Asia. Electricity consumption in the Association of Southeast Asian Nations (ASEAN) region has increased ninefold since 1990 and is projected to continue to grow at annual rate of 3 to 4% through to 2040, considerably faster than the global average. ASEAN member states have committed to a massive expansion of new generation capacity to meet this demand. By 2040, total generation capacity is…
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Rare Earth Elements Executive summary
Rare earth elements have rapidly moved to the forefront of the energy and economic policy agenda Rare earth elements play a crucial role in a wide range of strategic applications, from energy, transport and artificial intelligence (AI) technologies to aerospace, medical and defence systems. The wide range of applications, combined with highly concentrated supply chains, has elevated their importance in both energy and broader economic security discussions. Though relatively plentiful in the Earth’s crust, this set of 17 elements have garnered the label “rare” because economically viable concentrations are uncommon and they are seldom found in pure form. Their chemical…
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Global Energy and Climate Model Policies
Policies database Underpinning the scenario analysis of the GEC Model, an extensive effort is made to update and expand the list of energy and climate-related policies and measures that feed into our modelling. Assumptions about government policies are critical to this analysis and are the main reason for the differences in outcomes across the scenarios. A summary of some of the key policy targets and measures for different sectors by selected countries and regions can be found in the Annex B of WEO-2025.Although all care has been taken to ensure accuracy, completeness and clarity of content in…
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Ukraine’s Energy Security As Ukraine heads into another heating season, six measures can help improve energy security
Air defence remains the best method to protect Ukraine’s critical energy and civilian infrastructure. However, there are other steps that can be taken to increase Ukraine’s energy security ahead of and during the coming winter. The IEA proposes six key actions for Ukraine and its partners to help address ongoing energy security challenges. Action 1: Boost protections for critical energy infrastructure and continue improving equipment supply chains Strengthening the security of critical energy infrastructure across Ukraine is vital to maintaining capacity this winter. A multilayered defence strategy, whereby air defence is combined with passive defence measures, can serve…
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Global Energy Review 2026 Technology: Heat pumps
Global heat pump sales fell by about 2% in 2025. Sales in China and Japan were largely flat, while Europe saw a strong return of demand. Sales in the United States declined.In China, heat pump sales stayed broadly stable. Reversible air conditioners (used as primary heating equipment) make up about half the Chinese heat pump market, and while record-breaking sales of air conditioners supported strong demand in the first half the year, they fell sharply in the second half. Sales of air-to-water and hot water heat pumps, which make up the remainder of the market, remained…
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- Global trends
- Oil
- Natural gas
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Global Critical Minerals Outlook 2025 Executive summary
Demand for key energy minerals continued to grow strongly in 2024. Lithium demand rose by nearly 30%, significantly exceeding the 10% annual growth rate seen in the 2010s. Demand for nickel, cobalt, graphite and rare earths increased by 6‑8% in 2024. This growth was largely driven by energy applications such as electric vehicles, battery storage, renewables and grid networks. In the case of copper, the rapid expansion of grid investments in China has been the single largest contributor to demand growth over the past two years. For battery metals such as lithium, nickel, cobalt and graphite, the energy sector accounted…
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Multiple Benefits of Energy Efficiency for Business Quality and reputation
Greater efficiency can reduce defects and improve production quality Energy efficiency improvements often involve tighter control and optimisation of production processes. By improving precision and stability in how equipment operates, firms can reduce variability in output and limit the occurrence of defects. These effects are particularly important in manufacturing sectors where small deviations can affect product quality and increase waste.For example, an industrial bakery in Switzerland implemented a highly efficient centralised cooling system with CO₂-refrigerant and advanced controls. The system allowed for a more constant controlled temperature and reduced downtime, improving product quality and consistency, all while reducing…
