King coal set to lose crown for electricity production: IEA

King coal set to lose crown for electricity production: IEA

Renewables are set to displace coal as the top source of energy for electricity production globally in 2025, the International Energy Agency said Wednesday. In its annual report on the electricity market, the IEA said that renewables -- in particular from solar panels -- should see their share of total electricity production surpass a third of the total, passing from 30 percent last year to 37 percent in 2026. If […]

January 24, 2024 16

Business / Economics

Oil demand growth to halve in 2024: IEA

World oil supply will continue to rise this year, the International Energy Agency said Thursday, as it predicted that demand growth would continue a downward slide throughout 2024. The Paris-based IEA, which advises oil-consuming nations, said it expects increase in global oil demand to halve from 2.3 million barrels per day (bpd) last year to 1.2 million bpd in 2024. It cited economic headwinds, tighter efficiency standards and growth in […]

January 18, 2024 24

Environment

World added 50% more renewable energy but more needed: IEA

The world added 50 percent more renewable energy capacity in 2023 over the previous year but more is needed in the battle against climate change, the International Energy Agency said Thursday. The increase was the fastest growth rate in the past two decades and the 22nd year in a row that renewable capacity additions set a new record, the Paris-based IEA said. The rise was driven by China, the planet's […]

January 11, 2024 15