Page 7 - FSUOGM Week 43 2022
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FSUOGM                                       COMMENTARY                                            FSUOGM


































       Carbon emissions to peak in





       “historic turning point” IEA says






       Global carbon emissions are set to peak in 2025 as the world reaches a

       "historic turning point."



        GLOBAL           GLOBAL carbon emissions will peak in 2025 as  plateau, the IEA predicts. Russia's share in the
                         the world reaches a “historic turning point” and  global oil and gas market will fall by 50% by
                         governments pour investment into renewables  2030, while Capital Economics forecasts Russia
                         to counteract the energy crisis that has gripped  oil production will drop 10%, or by 1mn barrels
                         the world this year.                 per day (bpd), in 2023 alone.
                           Those are the conclusions in a report from the   “Today’s energy crisis is delivering a shock
                         International Energy Agency (IEA) released on  of unprecedented breadth and complexity. The
                         October 27 that takes in the impact of the war in  biggest tremors have been felt in the markets for
                         Ukraine and the Kremlin’s limiting of gas sup-  natural gas, coal and electricity – with significant
                         plies to Europe.                     turmoil in oil markets as well, necessitating two
                           "The global energy crisis could be a historic  oil stock releases of unparalleled scale by IEA
                         turning point in the transition to a cleaner and  member countries to avoid even more severe
                         safer future," the IEA concluded.    disruptions. With unrelenting geopolitical and
                           Energy prices have jumped to as much as  economic concerns, energy markets remain
                         twenty-times historical levels after Russia cut  extremely vulnerable, and the crisis is a reminder
                         off gas supplies this year and mysterious explo-  of the fragility and unsustainability of the current
                         sions destroyed the Nord Stream gas pipelines in  global energy system,” the World Energy Out-
                         September. Russia supplied 155bn cubic metres  look 2022 (WEO) warns.
                         of gas to Europe, about a third of its needs, but   The war in Ukraine has led to a complete
                         now the race is on to replace the Russian gas with  transformation of Europe’s energy market. With
                         alternative sources of energy and that has cata-  a total ban on the import of Russian oil products
                         lysed EU plans to become net zero by 2055 in its  due to come into effect on December 5 and gas
                         Fit For 55 programme.                supplies already massively reduced, Russia will
                           The Russian invasion of Ukraine will be a  have to reorientate its energy transport infra-
                         turning point for the global energy market,  structure from west to east. Russia’s gas pipelines
                         the IEA says. Renewable energy will grow and  and oil tankers overwhelmingly serve European
                         the global demand for hydrocarbons will now  markets. While tankers can be redirected to



       Week 43   28•October•2022                www. NEWSBASE .com                                              P7
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