Asia snubs IEA’s name to cease new fossil gas investments

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MELBOURNE (Reuters) – Asian power officers on Wednesday disputed the Worldwide Power Company’s (IEA) name for no new oil, pure fuel and coal investments for the world to have the ability to attain net-zero carbon emissions by 2050, viewing that method as too slender.

FILE PHOTO: Vehicles transfer on a highway throughout a day with polluted air, following the outbreak of the coronavirus illness (COVID-19), in Beijing, China February 13, 2021. REUTERS/Carlos Garcia Rawlins//File Picture

The IEA, which has beforehand championed the oil and fuel trade, this week outlined a path to net-zero emissions that recommended stopping new investments in oil, fuel and coal provide, retiring coal-fired crops in superior economies by 2030, and banning gross sales of recent inside combustion engine automobiles by 2035.

Power corporations in Australia, the largest carbon emitter per capita among the many world’s richest nations, and officers in Japan and the Philippines mentioned there have been some ways to get to web zero, even because the IEA mentioned its pathway was “the most technically feasible, cost-effective and socially acceptable”.

Akihisa Matsuda, the deputy director of worldwide affairs at Japan’s Ministry of Financial system, Commerce and Trade (METI), mentioned the federal government has no plans to instantly cease oil, fuel and coal investments.

“The report provides one suggestion as to how the world can reduce greenhouse gas emissions to net zero by 2050, but it is not necessarily in line with the Japanese government’s policy,” he mentioned.

“Japan needs to protect its energy security including a stable supply of electricity, so we will balance this with our goal of becoming carbon neutral by 2050.”

Japan was the area’s third-largest carbon emitter in 2019, after China and India, in line with the BP Statistical Evaluate of Power.

Australia’s prime oil and fuel trade and mining foyer teams mentioned there was “no one size fits all” for decarbonisation.

“The IEA report doesn’t take into account future negative emission technologies and offsets from outside the energy sector — two things that are likely to happen and will allow vital and necessary future development of oil and gas fields,” Australian Petroleum Manufacturing and Exploration Affiliation Chief Govt Andrew McConville mentioned.

Australia’s prime unbiased fuel producer, Woodside Petroleum, mentioned it nonetheless goals to make a ultimate funding choice for an $11 billion funding to develop a brand new fuel discipline off Western Australia in late 2021.

“For its part, Woodside is working with its customers, all of whom are in countries that have committed to net zero, to ensure we can supply them with the energy they are seeking in order to achieve their decarbonisation pathways,” a Woodside spokeswoman mentioned.

Australia on Wednesday dedicated A$600 million ($467 million) in taxpayer funds to construct a brand new gas-fired energy station to again up wind and solar energy, which Power Minister Angus Taylor mentioned was a realistic transfer.

Within the Philippines, the place coal is about to be the dominant energy supply for years even after a ban on new coal plant proposals, Power Secretary Alfonso Cusi mentioned the power transition must be “fuel and technology-neutral”.

Slicing finance for oil, fuel and coal with out contemplating effectivity and competitiveness would “set back the Philippines’ aspiration to join the ranks of upper middle-income countries,” he mentioned.

($1 = 1.2865 Australian {dollars})

Reporting by Sonali Paul in Melbourne; Further reporting by Melanie Burton in Melbourne and Enrico Dela Cruz in Manila; Modifying by Christian Schmollinger

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