Ambrose Evans-Pritchard: The IEA’s Damascene conversion: net zero makes us richer and cuts energy costs for the poor. The era of oil and gas will soon be over – the industry must now reinvent itself to find a place in our new world order. The International Energy Agency has switched sides. It has carpet-bombed the fossil incumbency that it once defended so doggedly. The shibboleths of the last decade suddenly fall away. The economics of climate change turns upside down. The future headache becomes the risk of failed petro-states with collapsing revenue streams and an obsolete business model. Slashing CO2 emissions and switching to renewable energy is not a ‘cost’ or a constraint on rising affluence: it lifts global GDP growth by 0.4pc a year over the course of this decade. World output is 4pc bigger in real terms by 2030. That is the verdict of the IEA (with the IMF) in its encyclopedic roadmap on global energy on the way to a 1.5 degree world. Net zero by 2050 is the closest thing we have to catechism. The report is the bell that tolls for the fossil age. Not even natural gas escapes the cull.
Telegraph 20th May 2021 read more »
Data revealing that the carbon intensity of the UK’s electricity was 5% higher in the first months of 2021 than 2020 has prompted industry calls for greater support for new wind, solar and nuclear capacity. The data, published by National Grid ESO this week, accounts for the electricity consumed across the UK between January and April. The carbon intensity of electricity during this four-month period was up 5% year-on-year. April’s data in particular has sparked concerns. The grid was, on an average April day this year, producing one-fifth more carbon on an intensity basis than it was on the average April day in 2020. This increase is largely due to an increase in gas-fired generation, given that almost all of the UK’s coal-fired generation has now been phased out ahead of the legal deadline of 2024. Gas-fired generation, on a production basis, was 22% higher in the first third of 2021 than 2020, largely due to increasing demand.
Edie 20th May 2021 read more »
Nuclear Industry Association (NIA), RenewableUK and Solar Energy UK team up to demand clearer, ambitious clean energy goals. The UK’s leading nuclear, wind, and solar industry trade bodies have joined together to urge the government to set ambitious clean energy deployment goals for the end of the decade, backed by a binding 2035 target for the delivery of a net zero emissions power grid. The Nuclear Industry Association (NIA), RenewableUK, and Solar Energy UK have today jointly warned far more progress is needed in order to decarbonise the UK’s power grid in line with climate goals and support the government’s accompanying ambitions for electric vehicles, hydrogen production, and heat pumps.
Business Green 20th May 2021 read more »