Energy [New] With the prices of renewable energy at record lows and increasing investment flows, the next decade will be a defining one for the global transition to clean energy. [New] To reduce Europe's greenhouse gas emissions by at least by 55% by 2030, we need to significantly increase the share of renewable energy. [New] The European Commission has published today the rules for a new EU Renewable Energy Financing Mechanism, to apply from the start of 2021. [New] Most of the gas demand lost in 2020 is expected to be recovered in 2021, supplemented by growth from the Asia-Pacific region between 2021 and 2025 as emerging markets in China and the rest of Asia recover economically and benefit from attractive gas prices. [New] The Institute of Energy of Vietnam is drafting a new master power development plan and has compiled a list of 22 LNG power plants with a combined capacity of up to 108.5 gigawatts (GW), the first of which will become operational by 2023. [New] The Chinese government's objective is to increase the share of natural gas in China's energy mix from around 8% in 2019 to 10% in 2020 and 15% in 2030 in a bid to improve air quality.39 (For comparison, natural gas accounted for 25% of global energy consumption in 2019). [New] China's demand for natural gas, which emits half the carbon dioxide of coal, is projected to rise to 15% of total primary energy consumption by 2030, driven by power generation and residential sectors. [New] Over the coming decades, at least $2 trillion each year will be invested around the world in the transition to low carbon power, transport, heat and localised, digitally connected energy systems. [New] If the world is to achieve the Intergovernmental Panel on Climate Change's target of reducing greenhouse gas emissions to net zero by the middle of this century, maximising the efficiency of renewable energy generation, storage and distribution will be essential. [New] By scaling up energy efficiency efforts and deploying renewable energy generation capacity far more rapidly, the world could technically and economically transition to net-zero by 2050 for the cost of less than 1% of global GDP annually through to mid-century. [New] The Morrison government will continue to fund Australia's renewable energy agency to the tune of $1.43bn over a decade but overhaul its mandate so there will be less investment in solar and wind, and more focus on investment in hydrogen, carbon capture and storage, microgrids and energy efficiency. [New] The EU should set a target to cut its greenhouse gas emissions by at least 55% by 2030, against 1990 levels, confirming plans laid out in draft Commission documents. [New] The shift to renewable resources is growing by the year, and it is expected by 2050 that renewables will provide approximately 80% of the worldwide power supply, having a great impact on reducing greenhouse gas emissions. [New] Electricity in the energy mix increases from a little over 20% in 2018 to 45%, with 350 GW of new wind and solar growth alone by 2035. [New] The average annual increase in wind and solar capacity over the next 15 years could reach as high as 350 GW or even 550 GW, and push the share of renewable energy in the global energy mix to almost 60% by 2050. [New] The UK would continue to use natural gas for many years to come and that carbon capture and storage would have an essential role in meeting the target of net zero emissions by 2050. [New] The EU's plan to cut greenhouse gas emissions to 55% below 1990 levels by 2030 is technically and economically possible. [New] The Philippines' power mix was expected to remain dominated by coal over the coming decade, with the share of coal-fired power increasing from an estimated 54.6% of total generation in 2019 to 60.2% by 2029. [New] BP's outlook last year contained a scenario called More Energy, which had oil demand growing steadily to about 130 million barrels a day in 2040. [New] By 2050, green hydrogen from UK offshore wind can be cheaper than blue hydrogen, which is produced from methane using carbon capture and storage. [New] Development of an indigenous green hydrogen industry could generate £320bn for the UK economy and sustain up to 120,000 jobs by 2050. See full forecast Last updated: 20 September 2020 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No
