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Energy Transition Outlook 2020: Global energy demand down 8% due to the pandemic

The behavioural and economic ramifications of COVID19 will permanently reduce global energy demand, according to DNV GL’s newly published Energy Transition Outlook. Among others, the report talks about clean energy technologies, the role of financial institutions in financing the green transition and the long-term impact of COVID-19. 

Watch: Project aims to develop a full-size tidal energy harnessing system solution

In fact, according to a recent statement, Leask Marine Ltd. has been presented as a key strategic associate for the Magallanes Renovables’ “OCEAN_2G” project. Namely, the OCEAN_2G (Second Generation technologies in ocean energy) innovation project aims to test; validate and pre-certify an innovative full-size tidal energy harnessing system solution ready to enter into European and global markets, further boosting the growth performance of industrial partners of the consortium and being a worldwide referent in the manufacturing of floating platforms for producing electrical energy from tidal currents.

Energy projects with breakeven prices above $60 pb to be uncommercial

In fact, Rystad Energy, the energy research and business intelligence company providing data, tools, analytics and consultancy services to the energy industry, reports that energy projects that need oil prices above $60 per barrel in order to break even risk being uncommercial going forward.

UNCTAD highlights the urgency of green finance

UNCTAD launched its 2019 Trade and Development report, focusing on the global financial crisis in relation with the battle against climate change, arguing that the struggle to create jobs is real, the environmental breakdown being a serious threat, adding that these challenges have resulted to new targets and goals to ensure a sustainable and safe future.

Gas to account 29% of world energy mix by 2050

By mid-century, the energy mix will be split almost equally between fossil and non-fossil sources, with oil declining steeply after 2030, but gas continuing to grow before leveling off at 29% of the energy mix by 2050, says DNV GL in its latest Energy Transition Outlook. 

The road to 2050 energy transition

In the most recent Energy Transition Outlook, DNV GL presents its timeline of the next 30 years of the energy transition, which shows many astonishing milestones. Namely, the one of the key takeaways of the timeline is the peak of energy supply and demand, but there are other significant milestones as well. According to the timeline oil will peak at 2022, while 4 years later transport energy demand will peak.

How to keep emissions gap well below 2°C

In light of DNV GL’s Energy Transition Outlook 2019 launch, this infographic describes 10 measures that aim to help close the emissions gap to well below 2°C. However, DNV GL added that policies must also be developed in order to mitigate at least three fronts at the same time: higher energy efficiency, more renewables, and industrial-scale CCS.

New fuels, energy efficiency to be key in meeting IMO GHG goals

As part of its Energy Transition Outlook 2019, DNV GL provided an independent outlook on the maritime energy future examining how the energy transition will affect the industry. The report forecasts that new fuels, alongside energy efficiency, will play a key role on meeting the IMO greenhouse gas ambitions.

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