Low oil prices and a sustained economic recovery could bring global oil consumption back to pre-crisis levels and beyond, according to the International Energy Agency’s executive director Fatih Birol. Birol warned governments that the COVID-19 pandemic will only reduce oil demand briefly, with consumption dipping in...
The scale-up of renewable energy and electrification of the global transport and heavy industries sectors could result in renewables meeting 86% of the world’s power demand by 2050, according to new research from the International Renewable Energy Agency (IRENA). The IRENA report, titled Global Energy Transformation:...
Royal Dutch Shell has announced plans to pay its executives’ in accordance with their ability to meet new short-term carbon emissions reduction targets, amidst increasing pressure from major shareholders. In an industry first, the Anglo-Dutch oil major said it would set three to five-year pay-linked targets...
France is aiming to end all oil and gas production by 2040 under a landmark law to ban exploration, after the draft bill was presented at a cabinet meeting. The move will allow the French government to turn down over 40 exploration requests already made across...
India added a record 5,400MW of wind power in 2016, breezing past its 4,000MW target for the period. In a statement, India’s Ministry of New Renewable Energy said: “This year’s achievement surpassed the previous higher capacity addition of 3,423MW achieved in the previous year.” The state of...
A group major global oil firms have announced agreement to create a US$1 billion fund to reduce their climate change impact. Announced on the day the Paris climate change agreement came into force last week, the fund will focus on reducing leaks of natural gas, capturing...