Page 7 - AsiaElec Week 45 2022

AsiaElec COMMENTARY AsiaElec

Finally, the International Energy Agency analysis from the Centre for Research on Energy
(IEA) said in its 2022 World Energy Outlook, and Clean Air (CREA) showed.
published ahead of COP27, that carbon emis- Carbon Tracker said that demand for fossil
sions would peak in 2025, dubbing the date a fuels in Europe was decreasing owing to high
“historic turning point.” prices and strong wind and solar output, con-
While all these pre-COP27 forecasts spell trary to fears of a resurgence due to the energy
doom and gloom, they do offer some forms of crisis, said Lauri Myllyvirta, from the CREA.
hope for progress. This fall in emissions follows a 16-month
The Russian invasion of Ukraine is the single surge that began in the wake of the coronavirus
event with the biggest impact on global energy (COVID) pandemic.
markets, and by extension carbon emissions and Myllyvirta told bne Intellinews in July that
climate change. the problem holding back emissions cuts was
The IEA said the invasion would be a turning that deeper policy developments were needed to
point for the global energy market. Renewable drive forward to energy transition and to meet
energy will grow and the global demand for the EU’s targets.
hydrocarbons will now plateau, the IEA predicts. “The bottlenecks for meeting the target that
Russia’s share in the global oil and gas market the EU has, in other words the thing that we need
will fall by 50% by 2030, while Capital Econom- to be on the lookout for, include permitting and
ics forecasts Russia oil production will drop 10%, supply chain issues, which are quite separate
or by 1mn barrels per day (bpd), in 2023 alone. from the Ukraine war, these are the key issues
in order for the clean energy targets to become
Emissions attainable.”
Meanwhile, the EU’s emissions of CO2 from
energy use fell by 5% between August and Octo- Global South
ber. compared to the same period in 2021, new Compared to Europe’s gas crisis, it is the poorer

Week 45 08•November•2022 www. NEWSBASE .com P7