Global fossil fuel subsidies crossed over $5 trillion between 2010-2021

With energy consumption vital for life and business, governments often look to fossil fuel subsidies to make energy as affordable as possible. These subsidies artificially reduce the price of fossil fuels and generally take two forms: Production subsidies occur when governments provide tax cuts or direct payments that reduce the cost of producing coal, oil,

Power sector emissions reached record high in 2021

The early 2022 edition of the Agency’s bi-annual Electricity Market Report has just been published, revealing how nations are largely turning to fossil fuels to meet the increase in electricity demand as Covid-19 lockdown restrictions are lifting. According to the report, the global electricity demand rose 6 per cent year-on-year in 2021 – the steepest

India set to be third-largest ethanol market by 2026

India is set to become the third-largest market for ethanol in the world after the US and Brazil by 2026, a recent report by the International Energy Agency (IEA) said, adding that the country has tripled ethanol demand to an estimated 3 billion litres between 2017 and 2021. Buoyed by India’s growing appetite, Asia is

Renewable energy is getting cheaper, it could replace fossil fuels soon

The global energy sector has an impressive record of scaling-up renewables like wind and solar – but it is not so good at predicting future price changes of the clean energy these renewables produce, according to a new report. Researchers at the University of Oxford’s Institute of New Economic Thinking suggest early pricing prediction models

Policy makers must accelerate hydrogen rollout

More ambitious and concrete hydrogen policy efforts are needed from governments across Europe and beyond to bridge a wide gap between the current market trajectory and the projects needed to meet net-zero targets, the International Energy Agency said at the S&P Global Platts Hydrogen Markets Europe Conference Nov. 26. Under the IEA’s net-zero scenario, hydrogen

How much is spent supporting fossil fuels and green energy?

World leaders agreed to phase-out “inefficient” subsidies for fossil fuels at the COP26 climate summit in Glasgow.  Despite pledges to limit support, governments around the world spend more than $420bn (£313bn) each year subsidising the non-renewable energy, according to the UN Development Programme. How do fossil fuel subsidies work and which countries are spending the