Displaying items by tag: IEA

The global oil and gas industry faces a critical juncture at the upcoming UN climate talks (COP28), according to Dr Fatih Birol, the head of the International Energy Agency (IEA). She emphasised that the sector must make a pivotal choice between exacerbating the climate crisis or actively contributing to its resolution. Last year, fossil fuel companies allocated a mere 1% of global investment to renewable energy. At COP28, the IEA intends to exert pressure on participating governments to agree on measures for reducing fossil fuel usage. Dr Birol stressed that a successful transition to clean energy necessitates reduced demand for oil and gas, requiring the scaling back of fossil fuel operations. Meeting climate goals involves embracing carbon capture technology while simultaneously reducing emissions, but currently carbon capture capacity worldwide is insufficient to meet these objectives. The fossil fuel industry, although a major investor in carbon capture and storage, is being strongly criticised for its inadequate investment in renewable energy.

Failure to strike a trade deal with the EU would not be a disaster for the UK, according to the Institute of Economic Affairs (IEA). It said, ‘If a bad deal is offered by the EU, the UK should walk away and trade with the EU under World Trade Organisation (WTO) rules rather than a protectionist and costly agreement.’ The report calls for unilateral free trade after Brexit, ‘complemented by free trade agreements with partners including the US, Canada and Australia. This arrangement would lead to lower consumer prices, increased productivity and higher wages through removing barriers to imports.’ IEA research director Jamie Whyte said, ‘Many believe disasters will happen without a deal with the EU. In fact, we could eliminate all import tariffs, which would give us most of the benefits of trade, and export to the EU under the umbrella of WTO rules. Then we can seek free trade deals with all major trading partners, including the EU.’