The International Energy Agency has created an independent high-level global commission to examine how progress on energy efficiency can be quickly accelerated through new and stronger policy action. IEA calculates that with the right policies, the global economy could double in size by 2040 while still maintaining broadly the same level of energy use as today.
As IEA informs, one of the enduring legacies of women’s traditional exclusion from the energy sector is the continued disadvantage women and girls experience in comparison to their male counterparts in accessing information about employment and industry trends.
IEA’s report ‘The Future of Hydrogen’ focuses on the fact that it can play a crucial role in a clean, secure and affordable energy future. Thus, the report aims to analyse the current role of hydrogen and offer guidance on its future development.
In its ‘Oil Market Report: 2020 vision’, IEA reports that volatility has returned to oil markets with a dramatic sell-off in late May seeing Brent prices fall from $70/bbl to $60/bbl. In addition, supply concerns have not gone away, as oil prices initially increased by 4% after the attacks on two tankers in the Gulf of Oman, before easing back slightly.
As IEA informs in its Gas 2019 report, global demand for natural gas will continue its growth over the next five years, due to strong consumption in fast-growing Asian economies and driven by the continued development of the international gas trade. Namely, demand for natural gas increased 4.6% in 2018, which is its fastest annual pace since 2010.
During the 10th Clean Energy Ministerial (CEM10) meeting, a new global international hydrogen partnership was announced under the leadership of the United States, Canada, Japan, the Netherlands and the European Commission with participation of several other CEM member countries.
In its World Energy Investment report, IEA said geopolitics disruptions in Libya, Iran, Venezuela, Fujairah, and Saudi Arabia confused the supply outlook and marked the first change to its 2019 demand outlook for several months. However, there is no disruption to oil supplies and prices are little changed.
Global energy investment stabilised in 2018, totaling more than USD 1.8 trillion and ending three consecutive years of decline, as capital spending on oil, gas and coal supply bounced back while investment stalled for energy efficiency and renewables, according to IEA’s latest annual review.
High-sulphur fuel oil demand will reduce 60% in 2020, as marine gasoil demand will double because of upcoming international regulations on shipping fuel, according to an International Energy Agency forecast. IEA forecasts VLSFO demand to reach 1 million bpd in 2020 and 1.8 million bpd by 2024, while marine gasoil demand will peak in 2020 and reduce to 1.8 million bpd by 2024.
Mr Noé van Hulst, a former Chair of the IEA Governing Board, addressed the future development of hydrogen in the maritime industry. He notes that the general idea is that hydrogen will play a crucial role in the world’s transition to a sustainable energy future. Thus, it is of a great importance, to help reduce carbon emissions from the shipping sector and in the meantime, provide a long-term energy storage at scale.
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