World Energy Outlook 2017 event05-03-2018
On Thursday 1st February 2018 Executive Director of the international Energy Agency (IEA) Fatih Birol presented the yearly evaluation and outlook on worldwide Energy trends at the “World Energy Outlook 2017”. Four large-scale, some unexpected, upheavals were elaborated in more detail:
- USA undisputed leader in oil and gas production: While most of us still point our noses to the Middle-East when thinking of oil & gas producing countries, this is as of now not the case anymore: The United States has executed a swift change from oil/gas consumer to producer due to a strong increase in shale oil/gas production will only continue doing so in the years to come.
- Solar PV on track to be the cheapest source of new electricity in many countries. We are past the days when PV production needed to be subsidized to economically viable. It is on track to be the cheapest new energy source as such, without external financing.
- China’s new drive to “make the skies blue again” is recasting its role in energy: In part due to its commitment in the Paris Agreement and the need for clear air, China’s policy is quickly shifting its coal-based electricity production towards a nuclear and renewable based electricity production
- The future is electrifying: spurred by cooling, electric vehicles & digitalization, electricity will become increasingly important.
Apart from these major upheavals, Mr. Birol’s main message was as clear as it was urgent: Global energy demands will keep on rising in the years to come (2018-2040) and putting pressure on our climate. Although efforts are being done in Europe, the Paris Agreement levels are still far away. Luckily Mr. Birol showed us that solutions are within reach and global CO2 reductions are possible: by doubling the energy efficiency by 2040, putting 875 million electric cars on our roads and adding 3250 Gigawatts solar PV capacity (currently estimated at 303 GW), the Paris goals could be reached.
Apart from tackling climate change, the IEA points out that the other two main focus points should lay in tackling air quality and achieving universal energy access: Currently about 1,5 billion people still don’t have access to electricity. These people are mainly situated in India and other South-Asian countries and Sub-Saharan Africa. While India and the other South-Asian countries are on track to almost eliminate this issue, there is no apparent change for the years to come in Sub-Saharan Africa, where still 2 out of 3 Africans will not have access to electricity. Not only will CO2logic continue working on tackling the climate change issue, we also will strongly continue focusing on sustainable development in Africa through our Gold Standard Certified Climate projects.