Positive News Today

Positive News Today
Energy News

Fossil fuels still reign, but renewables make inroads

December 26, 202006
Share0


Fossil fuels still reign, but renewables make inroadsParis: Five years after the signing of theParis Climate Accord fossil fuelsstill dominate the energy landscape but it isrenewablesthat are enjoying the strongest growth which even the Covid-19 crisis has not dented.

– Renewables: wind at their back – “Fossil fuels remain dominant but the dynamic clearly favours renewable electricity,” said Nicolas Berghmans at the IDDRI think tank that focuses on sustainable development and international relations.

Solar panels have seen spectacular growth in recent years, climbing from 217 gigawatts of installed capacity worldwide in 2015 to 578 gigawatts last year, according to the International Renewable Energy Agency.

That is more than double Russia’stotal electricity production capacityin 2015, accord to the CIA’s World Factbook.

And while fossil fuels have taken a beating this year, renewables have accounted for nearly 90 percent of new capacity, led by solar and wind power in the United States and China.

The new renewable capacity should hit a record of 200 gigawatts this year, according to the International Energy Agency (IEA).

It forecasts renewables surpassing coal in 2025 to become the top source of electricity production.

“We haven’t seen much of a tapering off for the development for renewable electricity during the crisis and that may be due to the drop in costs, which make it competitive, but also because public support has been maintained,” Berghmans said.

That support is even being reinforced in certain countries as countries roll out plans to support their economies that include measures to support a transition to clean energy.

– Oil under threat – Fossil fuels, which emit CO2 among other pollutants, continue to account for the majority in the global energy mix, with oil at the top with a 33 percent share, according to a study by British oil major BP.

Oil and the fuels derived from it continue to play a key role in the transport sector as well as being essential for industrial uses such as the manufacture of plastic.

However the restrictions put in place by governments to slow the spread of the coronavirus hit the transport sector hard, with air travel nearly brought to a halt.

That translated into major drop in demand for fuel, with the IEA estimating demand for crude this year will be down nearly 9 percent.

Prices also took a major hit, with one major contract briefly falling below zero, although they have since recovered to pre-pandemic levels and demand is expected to rebound along with the global economy next year.

Views are divided about the prospects for oil over the medium term. Some experts see demand for oil as having already peaked while OPEC cartel countries see demand continuing to rise thanks to emerging countries.

“We’re at an inflection point,” said Berghmans, as “we can expect major transformations in the transport sector in the coming ten years.”

Electric vehicles are expected to finally make a breakthrough to the mass market as the price of batteries fall and range improves, with tougher pollution regulations in some countries forcing the shift.

But there is a lot of ground to cover as sales of electric vehicles accounted for just 2.6 percent of total sales last year and 1 percent of the overall fleet on the road, according to the IEA.

– Divergent destinies for coal, gas – Coal is the second-most used fuel in the world despite its pernicious effect on air quality and climate change as it remains important in electricity generation.

But it is on a downward trajectory. This year the IEA expects coal use will fall by 7 percent due to the pandemic and that it will never regain the level it was at last year.

Natural gas, which emits less C02 than oil and especially coal is likely to see moderate growth over the medium term, especially from China and India where it could be used to replace coal power stations.

Following the drop in demand this year, the IEA expects average annual growth of 1.5 percent for the 2019-2025 period.

Source

Share0
previous post
Cookie Monster Mural Puzzles Artist and Enrages Property Owner
next post
Embassy Office Parks REIT completes Embassy TechVillage acquisition

Related posts

Colorado utilities fear wildfire risk — and liability — amid warming climate

TheEarthLabOctober 6, 2020

Meet the young people pushing Maine forward on climate change

TheEarthLabAugust 10, 2020

No more extension of BPCL privatisation bid deadline: DIPAM Secy

TheEarthLabFebruary 19, 2021
Click to comment

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Recent Posts

  • Instead of Staying Home, American Youth Are Answering the Call to Serve With AmeriCorps
  • India took 34 days to achieve one crore COVID vaccinations, 2nd fastest after US: Government
  • Office properties attracted $3.1 billion in 2020, 62% of total realty investment, says report
  • Rs 1.08 lakh crore worth loans sanctioned under discom liquidity package
  • With Vaccine Delay, Biden Warns of Uncertain End to Pandemic

Archives

  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020

Subscrible

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • News
  • Projects
  • About
  • Contact
  • TV Pitch
FacebookTwitterInstagram
@2020 - thelab.earth. All Right Reserved.
theLAB.earth
  • Global
    • Global News
    • Global Media
    • Global Events
    • Global Projects
  • Energy
    • Energy News
    • Energy Media
    • Energy Events
    • Energy Projects
  • Water
    • Water News
    • Water Media
    • Water Events
    • Water Projects
  • Human Kindness
    • Human Kindness News
    • Human Kindness Media
    • Human Kindness Events
    • Human Kindness Projects
  • Projects
logo
  • Global
    • Global News
    • Global Media
    • Global Events
    • Global Projects
  • Energy
    • Energy News
    • Energy Media
    • Energy Events
    • Energy Projects
  • Water
    • Water News
    • Water Media
    • Water Events
    • Water Projects
  • Human Kindness
    • Human Kindness News
    • Human Kindness Media
    • Human Kindness Events
    • Human Kindness Projects
  • Projects
@2020 - thelab.earth. All Right Reserved.
FacebookTwitterInstagram