International Energy Agency

Thu, 2014-10-30 17:00Chris Rose
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World’s Major Banks Poured Over $80 Billion into Coal Last Year Alone

At least $83 billion USD in financing was provided to 65 coal mining and energy companies last year by 92 of the world’s leading commercial banks, according to a Dutch report published Wednesday.

Leading banks provided $500 billion in financing for the coal industry through 2,283 lending and underwriting transactions between 2005 and April 2014, said the report Banking on Coal 2014, which was released by BankTrack in Nijmegen.

The top 20 financiers provided 73 per cent of this amount alone, added the report, released just days ahead of the publication of the fifth United Nations Intergovernmental Panel on Climate Change (IPCC) assessment.

The report said JPMorgan Chase was the top financier between 2005 and this year, lending more than $27 billion, while Citi, in second place, lent $25.8 billion and third-place RBS provided $22.9 billion to coal-related borrowing.

Bank finance for coal is increasing rapidly, the report said, adding 2013 was a record year for coal finance, with commercial banks providing more than $88 billion to the main 65 coal companies – over four times the amount provided in 2005.

Mon, 2014-10-27 11:33Emma Gilchrist
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B.C. LNG Strategy Won’t Help Solve Global Climate Change: New Pembina Institute Report

Christy Clark at LNG Canada announcement

The B.C. government’s claim that LNG exports offer the “greatest single step British Columbia can take to fight climate change” is inaccurate in the absence of stronger global climate policies according to a new report released today by the Pembina Institute and the Pacific Institute for Climate Solutions.

Natural gas does have a role to play in a world that avoids two degrees Celsius in global warming, but only if strong emissions reduction policies are put in place in the jurisdictions that produce and consume the gas, says the report, LNG and Climate Change: The Global Context authored by Matt Horne and Josha MacNab.

Natural gas is often described as a bridge fuel. The question is, how long should that bridge be?” says MacNab, B.C. regional director for the Pembina Institute, a national non-profit focused on transitioning Canada to a clean energy future.

Our research suggests it must be very short if we’re going to be able to get off the bridge in time to avoid the worst impacts of climate change.”

Thu, 2014-10-23 10:00Chris Rose
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Wind Power Could Supply 25% of Global Electricity By 2050 — If Fossil Fuel Industry Doesn't Get in the Way

wind power, clean energy

Wind power has become so successful that it could provide 25 to 30 per cent of global electricity supply by mid-century if vested interests don’t get in the way, according to a new report published Tuesday.

The report — Global Wind Energy Outlook 2014 — said that commercial wind power installations in more than 90 countries had a total installed capacity of 318 gigawatts (GW) at the end of 2013, providing about three per cent of global electricity supply.

By 2030, the report said, wind power could reach 2,000 GW, supply up to 17 to 19 per cent of global electricity, create over two million new jobs and reduce CO2 emissions by more than three billion tonnes per year.

The report published by the Global Wind Energy Council and Greenpeace International noted that while emissions-free wind power continues to play a growing role in international electricity supply, political, economic and institutional inertia is hampering attempts to deal with the consequences of climate change.

Wed, 2014-10-01 13:00Chris Rose
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Tide Turning Against Global Coal Industry: New Report

Coal plant

Coal, the fossil fuel that largely sparked the industrial revolution, may be facing the beginning of the end — at least in terms of generating electricity.

There are increasing signs of the demise of the world’s dirtiest fossil fuel, from a global oversupply to plummeting prices to China starting to clean up its polluted air.

Last week, the Carbon Tracker Initiative published an analysis — Carbon Supply Cost Curves: Evaluating Financial Risk to Coal Capital Expenditures — identifying major financial risks for investors in coal producers around the world.

Saying the demand for thermal coal in China, the world’s largest emitter of toxic greenhouse gases, could peak as early as 2016, the analysis also highlights $112 billion of future coal mine expansion and development that is excess to requirements under lower demand forecasts.

Wed, 2014-10-01 09:56Mike G
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Solar Could Be Our Biggest Source Of Energy By 2050, If Politicians Make it Happen

The sun could be our biggest single source of energy and prevent 6 bilion tonnes of climate-warming CO2 pollution by 2050, according to two new reports.

Issued by the International Energy Agency, the two “Technology Roadmap” reports conclude that solar photovoltaic (PV) systems could supply 16% of the world's electricity needs and concentrating solar power (CSP) plants could provide another 11% by the mid-point of the 21st century.

Underscoring these findings, IEA Executive Director Maria van der Hoeven says, “The rapid cost decrease of photovoltaic modules and systems in the last few years has opened new perspectives for using solar energy as a major source of electricity in the coming years and decades.”

To get there, however, the reports warn that “clear, credible and consistent signals from policy makers” must be provided in order to inspire confidence in investors, as both PV and solar thermal electricity technologies like CSP require big up-front capital expenditures.

“Lowering the cost of capital is thus of primary importance for achieving the vision in these roadmaps,” Van der Hoeven adds.

Fri, 2014-06-13 08:25Sharon Kelly
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Over $48 Trillion Energy Investment Needed by 2035, IEA Report Concludes

It will cost $48 trillion to keep up with rising energy demand worldwide over the next two decades, a newly released report by the International Energy Agency concludes.

That's a massive jump from the $16 trillion predicted the last time the report was fully updated in 2003.

“The headline numbers revealed by this analysis are almost too large to register,” the IEA World Energy Investment Outlook special report notes.

The costs of supplying the world with energy, the report finds, have already more than doubled since 2000. And the costs of fossil fuels are projected to rise, even without accounting for any increase in demand. By 2035, the world's energy will require a $2 trillion investment every year. The vast majority of the $1.6 trillion spent on energy last year – a total of $1.1 trillion – went to extracting fossil fuels, oil refining and building power plants that burn fossil fuels.

Over the next two decades, the world would need to invest over $20 trillion to replace production from aging, declining oil and gas fields.

To put that $20 trillion into perspective, the Iraq war cost the U.S. government $1 trillion over its nine years, according to White House estimates. That means the financial investment needed by fossil fuel projects over the next two decades would equal the cost to U.S. taxpayers of twenty Iraq wars.

An alternate plan, aimed at limiting climate change to 2 degrees Celsius, would add another $250 billion to the average yearly price tag, the IEA adds, and require a focus on energy efficiency and renewable energy sources and reduced spending on oil, gas and coal.

But this approach could ultimately be less expensive, because less will need to be spent compensating for the harmful effects of global warming.

Thu, 2014-01-30 18:39Graham Readfearn
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Australian Report Trumpeted By Coal Bosses Does Not Say What They Want You To Think It Says

WHAT follows are some thoughts about coal from a report just published in Australia.

A longer-term concern relates to the environmental impacts of large-scale coal use, especially its climate consequences….

Coal is a carbon-intensive fuel and the environmental consequences of its use can be significant, especially if it is used inefficiently and without effective emissions and waste control technologies. Such environmental consequences include emissions of pollutants such as sulphur and nitrogen oxides, particulates, mercury, and carbon dioxide, the main greenhouse gas. Indeed coal-sourced pollution remains the largest source of greenhouse gas emissions from fossil fuel combustion. Hence most forecasts show a very wide range of future coal demand, based on differing degrees of environmental policy implementation.

Now who might have written that?  An environmental campaigner?  An anti-coal activist in a less bombastic mood? Maybe they’re the words of an advocate for action on climate change?

Actually, these are the views of Ian Cronshaw, a long-standing advisor to the International Energy Agency who was commissioned by the Energy Policy Institute of Australia to write a report about coal and its future economic outlook.

The Energy Policy Institute of Australia’s board includes a number of figures who have spent their careers in and around the fossil fuel industry.

Mon, 2013-11-18 05:00Sharon Kelly
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George W. Bush on Keystone XL: "Build the Damn Thing"

Make private companies happy. Don’t worry about the environment. Stop fretting about long-term sustainability. Forget renewables, property concerns, the safety of our water and air. Make private companies happy.

This was the 43rd president's message to the current administration at the DUG East conference held by the shale gas industry on Thursday.

With characteristic bluntness, George W. Bush spoke his mind on energy policy to several thousand oil and gas executives gathered in Pittsburgh at an exclusive luncheon on Wednesday.

“I think the goal of the country ought to be 'how do we grow the private sector?'” Mr. Bush said. “That ought to be the laser-focus of any administration. And therefore, once that’s the goal, an issue like Keystone pipeline becomes a no-brainer.”

“If private sector growth is the goal and Keystone pipeline creates 20,000 new private sector jobs, build the damn thing,” Mr. Bush said, prompting a burst of applause from the more than 4,000 oil and gas executives attending the conference.

In his candor, Mr. Bush also highlighted the essence of what burns bright but short in the fossil-fuel doctrine.

In emphasizing a get-it-now, don’t-worry-about-the-future approach to energy, he drove home why the Keystone XL pipeline has become such a lightning rod issue. The reason: it is symbolic of the overall short-sightedness of increasing our long-term addiction to oil rather than pushing with urgency toward renewable energy.

Thu, 2011-11-10 13:27Ben Jervey
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Breaking: State Department Delays Keystone XL Decision Until 2013

The State Department announced today that they would “seek additional information” about the Keystone XL pipeline, meaning that they will take another 12 months at least to re-review the proposed pipeline route. This new review will build on (or make up) for the woefully-incompletely Environmental Impact Statement.

Here's the State Department's official language:


…given the concentration of concerns regarding the environmental sensitivities of the current proposed route through the Sand Hills area of Nebraska, the Department has determined it needs to undertake an in-depth assessment of potential alternative routes in Nebraska. …
Among the relevant issues that would be considered are environmental concerns (including climate change), energy security, economic impacts, and foreign policy.

The decision comes in the immediate wake of a massive protest at the White House on Sunday, as roughly 12,000 anti-pipeline activists circled the White House in a “solidarity hug.” The action was the latest in a series of protests and events staged by opponents of the proposed TransCanada pipeline that would funnel tar sands crude from Canada down to the Gulf Coast in Texas, much of it bound for export to other nations.

The decision to delay is a clear testament to the power of public engagement in the political process and good old-fashioned protest. But the battle isn't over yet.

Thu, 2011-02-03 14:42TJ Scolnick
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Oil Industry Spins Subsidies Discussion In Wake of President Obama's State of the Union Address

In his State of the Union address, President Obama urged Congress to stop subsidizing oil companies and set a goal for 80% of electricity generated by 2035 to come from “clean” energy sources. While there is much dispute over some of the technologies included in the “clean” category, the President is proposing some wise investments in genuine cleantech. To pay for low-carbon energy alternatives, the President proposed $302 million for solar energy research and development (up 22 percent); $123 million for wind energy (a 53 percent increase); and $55 million for geothermal energy (up 25 percent).

But fossil fuels subsidies are holding back growth in burgeoning clean energy industries, which face a momumental challenge to compete with entrenched industries that receive far greater government subsidies.

And when it comes to oil subsidies, the President says enough is enough:

“…I’m asking Congress to eliminate the billions in taxpayer dollars we currently give to oil companies. I don’t know if you’ve noticed, but they’re doing just fine on their own. So instead of subsidizing yesterday’s energy, let’s invest in tomorrow’s.”

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