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IEA: Global energy investment stabilised after three years

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.

SOHAR Freezone businesses to be powered by solar photovoltaic projects

SOHAR Port and Freezone recently entered into a land lease agreement with Shell Development Oman, in order to tap into the Sultanate’s renewable energy potential. This means that businesses in the SOHAR Freezone could be powered by solar photovoltaic projects instead of gas. SOHAR will allocate 600-hectares of land for solar plants under development, with capacities varying from 10MW up to 40MV.

Australia invests A$329 million to transform Blue Economy

The Australian government announced launch of the largest ever Cooperative Research Centre (CRC) to drive an evolution in marine-based industries, unlocking economic, environmental and technological benefits for a Blue Economy. 

Top 10 countries most ready for energy transition

Sweden ranks at the top of the ten countries reported to be the most ready for energy transition, according to World Economic Forum’s Energy Transition Index (ETI), comparing the energy sectors of 115 countries and analyzing their readiness for energy transition.

BP: More energy is needed with fewer emissions

BP published its Energy outlook for 2019, exploring key uncertainties that could impact global energy markets up until 2040. The greatest uncertainties over this period regard the need for more energy to support rising global economic growth and prosperity, along with the need for faster transition to a lower-carbon future.  The Outlook also analyzes the possible impact of an escalation in trade disputes and the consequences of a tightening in the regulation of plastics.

Energy consumption in the EU increased by 1% in 2017

During 2017, Europe’s energy consumption increased by 1%, for a third year in a row, causing the EU to keep moving away from the energy efficiency targets. Primary energy consumption amounted to 1.561 million tonnes of oil equivalent (Mtoe), whereas final energy consumption reached 1.222 Mtoe. In comparison to 2018, both levels rose by around 1%. The EU has committed itself to binding energy efficiency target of reducing energy consumption by 20% by 2020.

New wing sail technology to be launched

A company that provides eco-friendly products, announced that it is developing a highly efficient wing sail which will generate significant forward thrust on commercial vessels. The vessel will be using wind as fuel in order to decrease the vessel’s fuel consumption.

EU signs new rules to achieve greater energy efficiency

The European Parliament signed new rules on renewables, energy efficiency and the governance of the Energy Union. This enables the European Union to move towards clean energy transition, and follow on the already adopted 2030 climate legislation, as well as meet the Paris Agreement goals.

IEA: Energy demand to rise by over 25% until 2040

IEA published the World Energy Outlook 2018, which includes global energy trends and their possible impacts on supply and demand, carbon emissions, air pollution, and energy access. With today’s policies, WEO’s New Policies Scenario says that energy demand will rise by more than 25% to 2040.

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