Oil Supply Set to Crash | Renewables Cheaper Than Fossil Fuels |
IEA Comes Up Short on Climate (Again)
Dear Colleagues and Friends,
The biggest news of the month is deeply hidden within the newly released World Energy Outlook of the International Energy Agency: Global oil supply is going to decrease by 50% in until 2025 without new investments. This contains an enormous crisis potential. More big news: solar PV and wind power generation is now cheaper than oil, gas and nuclear, according to the asset manager Lazard. The International Energy Agency comes up short on climate once again. Its latest World Energy Outlook Report 2018 calls for further investments in fossil fuel industry and provides no scenarios in line with the Paris Agreement. A new report by the NGO Partnership Climate Transparency shows that the G20 countries significantly underperform on the fossil fuel phase-out and the expansion of renewables, while massively subsidizing fossil fuels. Germany has become Europe’s new “Coal-Black Sheep”, struggling with its coal exit and hosting four out of ten of the heaviest polluting utilities. Good news come from Spain, planning to go net-zero emission in the electricity sector by 2050 the latest and the UK, where renewable energy capacity has for the first time surpassed fossil fuels. To find out about this news and more, read our November newsletter.