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International Energy Agency

New era in solar energy fuelling growth in renewables: IEA

PARIS: The renewable energy sector is growing faster than expected, driven largely by a "new era" in solar PV power and strong expansion in China, the International Energy Agency said on Wednesday. "What we are witnessing is the birth of a new era in solar PV (photovoltaic)," IEA executive director, Fatih Birol, said in a new report. "We expect that solar PV capacity growth will be higher than any other renewable technology through 2022." The IEA calculated that new solar PV capacity grew by 50 percent last year,…

Coal demand to burn slower over next 5 years: IEA

PARIS: World demand for coal will slow over the next five years as renewables and energy efficiency gain traction, the International Energy Agency predicted Monday. But much of Asia will remain hooked on coal which, while polluting, is also affordable and widely available, the Paris-based body said in a report. "Because of the implications for air quality and carbon emissions, coal has come under fire in recent years, but it is too early to say that this is the end for coal," said Keisuke Sadamori, the director of the…

Oil demand won’t peak before 2040, despite Paris deal: IEA

LONDON: The International Energy Agency expects global oil consumption to peak no sooner than 2040, leaving its long-term forecasts for supply and demand unchanged despite the 2015 Paris Climate Change Agreement entering into force. The Paris accord to cut harmful emissions seeks to wean the world economy off fossil fuels in the second half of the century in an effort to limit the rise in average world temperatures to "well below" 2 degrees Celsius (3.6 Fahrenheit) above pre-industrial times. But while demand for oil…

OPEC output cut may hasten oil market rebalance: IEA

SINGAPORE: The oversupplied oil market will be rebalanced earlier than expected if major crude producers implement a deal to cap output when they meet next month, the International Energy Agency chief said Tuesday. Under current conditions, the IEA expects global output to exceed demand until the second half of 2017, Fatih Birol told journalists on the sidelines of an energy conference in Singapore. "But we know that the producers are thinking of intervening in the markets. The OPEC and non-OPEC producers, if they…

Oil prices slip further in Asia on supply woes

SINGAPORE: Oil prices extended losses in Asia Monday on expectations that a global supply glut will persist until late next year, while analysts said the climate deal agreed in Paris had made little impact on the commodity.