Spending by some global oil & gas companies appears to be starting to diversify.
@IEA analysis last year showed only around 1% of the industry's investment went to clean energy. Recent trends suggest this may rise to 4% in 2021 – and well above 10% for some European companies.
Much greater spending on energy efficiency is vital to put us on track for net zero
So far, growth in efficiency investments is mainly in areas with clear policies like the buildings sector in Europe. We need far bigger efforts globally & in sectors like transport & industry too
The gap between current investment trends & what’s needed to meet climate goals is particularly large in emerging market & developing economies.
A major new report from @IEA on 9 June – in collaboration with @WorldBank & @wef – will offer solutions to address this challenge.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
The @IEA pathway leads to a global energy system in 2050 dominated by clean energy:
➡️ Solar is the single largest source of global energy
➡️ Renewables provide almost 90% of electricity
➡️ One-fifth of that electricity is used to produce hydrogen
Our net zero pathway sees a historic surge in clean energy investment to $4 trillion in 2030. This creates millions of jobs & helps lift global economic growth by 0.4 percentage points a year in the 2020s.
The pathway has no need for investment in new fossil fuel supply projects
Our report shows a looming mismatch between the world’s strengthened climate ambitions & the availability of critical minerals that are essential to realising those ambitions
Governments need to act now & act together to reduce the risks of price volatility & supply disruptions
BIG NEWS: Despite falling 6% in 2020 as a whole, global energy-related CO2 emissions rebounded over the course of the year from an April low and rose above their 2019 level in December
Our numbers indicate a return to carbon-intensive business-as-usual ➡️ iea.li/3q8hD0u
Major economies led the worrying resurgence in CO2 emissions, with China, India & Brazil all above 2019 levels by the end of the year – and the US approaching them.
This is a stark reminder of the urgent need to accelerate global clean energy transitions: iea.li/3dXA6dS
Global emissions fell by almost 2 billion tonnes in 2020, the largest absolute decline in history. Most of this was due to lower use of oil for road transport & aviation.
As travel & economic activities pick up around the world, oil consumption & its emissions are rising again.
India is set to see the largest rise in energy demand of any country in the next 20 years. How it meets this increase will have major consequences for its people, its economy and global energy & climate trends.
The bright prospects of the sector are reflected by continued strong appetite from investors.
This is made clear by shares of solar & wind energy companies outperforming the rest of the energy sector, and by the record level of renewable power capacity auctioned in 2020.