In May, the environment ministers of the G7 agreed to end fossil fuel subsidies within this decade. Around $650 bn/year is spent worldwide on subsidising all energy sources, with the majority ($450bn) going to fossil fuels despite the climate crisis. But simply removing the subsidies has proven difficult. They keep energy costs low for consumers. Itâs why public protest resisted the change in Ecuador and France in 2019. And developing nations … [Read more...]
What if Carbon Capture fails? Modelling the consequences and solutions
Most policy scenarios being used by governments include carbon capture as a vital tool to reduce emissions. Though itâs far from proven at scale, models assume that between 2030 and 2050 carbon dioxide removal (CDR) will get its act together and deliver on its part in the net-zero puzzle. Assuming that will happen, burning fossil fuels can continue for longer. But Neil Grant and Ajay Gambhir at Imperial College London, writing for Carbon Brief, … [Read more...]
Norway an EV role model? Their pathway is expensive and paid for with oil & gas exports
Norway is an EV leader thanks to a generous pot of tax incentives. Today, battery-electric cars make up more than half of all new car sales in Norway. Schalk Cloete takes a detailed look at what those incentives cost, and how many tonnes of CO2 they avoid. In short, Norway â a major oil and gas exporter - needs to sell over 100 barrels of oil (which emits 40 tonnes of CO2) to pay for the tax breaks it gives EVs to avoid one tonne of CO2. And … [Read more...]
The IEA explains its new âNet-Zero Emissions by 2050â roadmap
Today the IEA publishes its new special report, âNet Zero by 2050: a Roadmap for the Global Energy Sectorâ, its deepest dive so far into whatâs needed for a successful global transition. It analyses the options as well as the socio-economic, behavioural and environmental impacts they will have globally. Here, Laura Cozzi (Chief Energy Modeller) and Timur GĂźl (Head of the Energy Technology Policy Division) at the IEA summarise the key principles … [Read more...]
What is making Denmark a decarbonisation success? Policy, society, geography
Denmark is proving itself to be a decarbonisation leader, happy to turn its back on its history of oil and gas production and heavy reliance on coal. Its ambitious goal of cutting GHG emissions by 70% by 2030 makes it a global policy frontrunner, second only to Finland which aims to be climate neutral by 2035. Thibault Menu references his report for IFRI that asks what makes Denmark special. It has a long tradition of  providing stability and … [Read more...]
A carbon tax on car fuel? A fossil car phase-out date is more effective
The EC is working on a carbon tax on car drivers as part of its big climate plan review in June. William Todts at T&E warns that the EC shouldnât make the same mistake French President Macron made back in 2018 when severe gilets jaunes protests against a fuel price hike made him back down. A very high carbon price, caused by letting the market decide the price, may have the same effect, getting us nowhere. Instead, Todts gives his three point … [Read more...]
For energy security and waste reduction, EV battery manufacture in Europe is on the horizon
Europe should have sufficient battery manufacture capacity for all its EV needs, explains Sam Hargreaves at T&E. Their report shows that Europe will not only achieve that capacity target this year itself, but has the ability to keep it up as EV sales continue to grow (460 GWh in 2025 and 700 GWh in 2030 of battery production in Europe). The report also stresses the major benefit of reduced waste. If manufacturers hit EU recycling targets, EV … [Read more...]
Five practical steps Oil & Gas can take to accelerate their energy transition
The Oil & Gas sector has a role to play in the energy transition, and not just by winding down operations. Thatâs because they will, by most projections, continue to be a major part of the energy mix through to 2050. But their activities must transition too, explain Bart Valkhof, Pedro Gabriel Gomez Pensado and Wan Sayuti at the World Economic Forum. The sector must therefore work out which strategies and investments can produce the lowest … [Read more...]
Low gasoline prices create a window for tax changes to fund energy transitions
Low crude oil and gasoline prices create an opportunity for all governments to reform the way they tax or subsidise these important fuels. In general, richer importing nations have high gasoline taxes to generate substantial revenues. Poorer nations subsidise them to cut the bill for their citizens and industries. Oil producing nations do little of either. Domenico Lattanzio and Alexandre Bizeul at the IEA explain how nations that use subsidies … [Read more...]
Oilâs decline will weaken its political influence
2020 was another bad year for the oil and gas industry. The pandemic made it worse but it was not the cause: a decline has been going on for a long time. Energy firms in the S&P 500 (overwhelmingly oil and gas) make up 2.3% of the total value, down from 16% just over a decade ago, and 30% forty years ago. Clark Williams-Derry and Tom Sanzillo at IEEFA explain why, how and what the likely consequences are for oil firms. For many years itâs … [Read more...]
Chinaâs 14th Five-Year Plan will reshape its growing Gas sector
Demand for natural gas in China is set to continue its rise, increasing by 7% to 9% annually to reach up to 500 bcm by 2025, explains Sylvie Cornot-Gandolphe at the IFRI Centre for Energy & Climate. Domestic gas production has continued its significant growth too, driven by a surge in shale gas. Even then, gas imports â both pipeline and LNG - should increase to fulfil the rising supply/demand gap. This growing importance of gas in the energy … [Read more...]
The Energy Charter Treaty makes the transition easier. Donât scrap it, reform it
Energy and climate experts as well as national and EU parliamentarians are lining up to press their governments to withdraw from the Energy Charter Treaty (ECT) if insufficient progress is made in its modernisation. Their main argument is that it gives protection to fossil investments in a world where policies are changing in order to constrain or phase them out. Here, Frank Umbach at EUCERS sternly warns against abandoning the ECT. The treaty … [Read more...]
Five key metrics investors need to steer Oil and Gas firms into decarbonisation
If the oil and gas industry wonât commit to meaningful strategies and milestones to decarbonise, investors must make them, say Ben Ratner at the Environmental Defense Fund and Erin Blanton at Columbia University. Already, Covid has shown how vulnerable the sector is to unexpected change. If the sector refuses to factor in rising decarbonisation ambitions and policies across the globe that vulnerability will continue for decades. At the same time, … [Read more...]
A pathway for profitable CCS in California
A study from the energy departments of Stanford University, from where Kara Glenwright writes, lays out a pathway for California to capture and store up to 60 Mt (million tonnes) of CO2 a year. 76 site locations have been identified where work could start immediately to store 20 Mt/yr profitably under the existing low carbon rules. But first a raft of clarifications on the laws is needed, showing that the success of CCS doesnât just depend on the … [Read more...]
Chinese energy institutes present new net-zero scenarios for 2050
It was just one sentence, in September, from Chinaâs President Xi Jinping: âWe aim to have CO2 emissions peak before 2030 and achieve carbon neutrality before 2060.â Already, leading Chinese energy institutes have presented two scenarios that lay out what needs to be done to meet that goal. Writing for Carbon Brief, Lauri Myllyvirta reviews the plans. Both target over 85% of all energy and more than 90% of electricity coming from non-fossil … [Read more...]
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