BusinessEurope’s Post

Tuesday morning marks the beginning of the IEA Ministerial and associated high-level policy dialogues. U.S. Secretary of Energy Jennifer Granholm leads the U.S. delegation, joined by Special Presidential Envoy for Climate (SPEC) John Kerry, and Assistant Secretary of State for Energy Resources Geoffrey Pyatt. The 2024 Ministerial Meeting will be co-chaired by Ireland and France, with Australia, Canada, the Netherlands and Poland as vice chairs. The focus of the Ministerial is "IEA to 2050: Challenges and opportunities for the energy sector's transformation to tackle climate change."  This theme reflects the agency's recognition that ensuring energy security and achieving clean energy transitions go hand-in-hand, requiring strategic attention as we move towards 2050.   So what are the key goals of this Ministerial meeting? There are several: 1.      Reiterating and strengthening the commitment to the IEA's core mission of Securing energy supplies and promoting market stability. 2.      Supporting and accelerating the transition to clean energy, and encouraging ambitious action by member countries to achieve global climate goals. 3.      Fostering collaboration among governments, industry, and stakeholders to address global energy challenges.   The IEA Ministerial kicks off Tuesday morning at 8:30 with the Innovation Forum, where SPEC John Kerry will be a featured speaker. Want to follow along at home? It’s being livestreamed on YouTube: https://lnkd.in/gitQpNU3. You can also keep an eye on our Twitter/X feed, @USOECD for updates throughout the conference.

New Study Reveals Urgent Need for Action to Close Europe’s Energy Price Gap A new study published today by BusinessEurope, in collaboration with Compass Lexecon, highlights the urgent need for swift action by EU legislators to address the energy price gap and ensure a competitive energy transition. High energy prices are severely impacting the global competitiveness of European companies. Securing energy at competitive prices is essential for preserving Europe’s industrial base. The study indicates that even with a managed transition and supportive EU energy policies, energy costs in Europe will be at least 50% higher than in the US, China, and India by 2050. This poses a serious competitive disadvantage for European companies. The findings underscore the necessity of enhancing the security of Europe’s energy systems and reducing the overall cost of the transition. For instance, the study found that developing and installing renewables for electricity generation in the European least costly locations, such as Portugal, and removing development roadblocks could reduce wholesale power prices by almost 40%. Moving Forward, EU policymakers must take decisive action to bridge the energy competitiveness gap, ensuring that Europe can achieve climate neutrality by 2050 without deindustrialising. #EnergyTransition #RenewableEnergy #Sustainability #ClimateChange #IndustrialDecarbonisation

Please check out my most recent IEA report, which provides policy recommendations to help Estonia address its energy sector challenges and drive a clean, secure and just energy transition. It highlights international best practices relevant to Estonia and details areas where Estonia’s leadership can assist other countries with their energy sector challenges. https://lnkd.in/d_tUXvve

🌐 As the International Energy Agency (IEA) unveils its World Energy Outlook 2023, projecting a downturn in fossil fuel demand this decade, it's crucial to read between the lines. These analyses, shaped within bureaucratic corridors, may not always align perfectly with the unpredictable nature of markets and the ingenuity of technology. 🤔 While I maintain a healthy skepticism towards projections from entities far removed from market forces, the themes of the IEA's report cannot be dismissed. The report points to a stark reality: we are on a collision course with the aspirations of the Paris Agreement unless we double down on grid investment and renewable energy. 🔌 The energy crisis in Ukraine is a harsh reminder of our vulnerabilities. It's a real-time case study of how energy systems can become battlegrounds and how resilience must be at the core of our energy strategy. The IEA’s work there, though derived from a place of policy, has practical implications for energy security and future sustainability. 🌏 Southeast Asia's experience with cross-border power grids exemplifies the complexity of regional cooperation. While these initiatives are stepping stones towards a greener future, they also illustrate the fine balance between political ambition and the grounded realities of energy economics. 💡 Data reliability stands as a cornerstone of the energy transition. But let’s ask the hard questions: Who governs this data? How do we ensure it drives real market value and genuine environmental impact? We're in the vanguard, navigating through forecasts and policies to a future that is both sustainable and grounded in market reality. Join the conversation and let’s shape an energy future that's not only envisioned by policymakers but driven by market innovation and practical sustainability. #EnergyFutures #CriticalThinking #MarketInnovation #SustainableDevelopment #RealWorldSolutions #CleanEnergy #GridInvestment #PolicyAndReality

The European Commission's State of the Energy Union Report 2023 looks back on the EU's response to the energy crisis, assesses the state of play with the green transition, and sets out the challenges and opportunities ahead. Key findings: 📈 The EU responded effectively to Russia's aggression in Ukraine by accelerating the clean energy transition, diversifying supplies, and saving energy. 📉 The EU's net greenhouse gas emissions decreased by around 3% in 2022, and its dependence on Russian fossil fuels was drastically reduced. 🔋 The EU is on track to deliver on its #REPowerEU targets, with gas storage facilities filled to over 98% ahead of the coming winter. 🎯 The EU agreed on legislative targets for a minimum share of 42.5% of renewable energy by 2030, and an ambition to reach 45%. Energy efficiency targets were also increased. 💡 In 2022, 39% of electricity was generated by renewables, and wind and solar surpassed fossil fuels for the first time in EU electricity generation. Future challenges and opportunities: 🍀 The EU needs to continue to ensure affordable, reliable, and accessible energy for households and to enhance the industrial and economic competitiveness of its industry. 🌬 🌞 💧 The EU needs to significantly accelerate its actions to meet its climate and energy targets. This includes increasing the share of renewable energy in gross final energy consumption and reducing greenhouse gas emissions at a faster pace. 📚 The EU needs to boost its competitiveness and industrial leadership in the new global energy context. This includes concluding legislation on the Electricity Market Design, #NetZero Industry Act, and Critical Raw Materials Act. 🏭 The EU needs to phase out fossil fuel subsidies as soon as possible. Conclusion: The State of the Energy Union Report 2023 shows that the EU is progressing towards its climate and energy goals, but more needs to be done to accelerate the transition to clean energy. The EU is well-positioned to meet these challenges, with a strong legislative framework and a commitment from Member States to work together. #EnergyUnion2023 #CleanEnergyTransition #EUClimateAction #SustainableFuture Source: European Commission Photo: Ruzne Shi (Unsplash)

🆕 In our CEO’s latest Forbes article, María Mendiluce discusses the positive impacts of clean energy acceleration that are evident, with ‘radical change’ in the way we power our lives. The latest edition of the International Energy Agency (IEA)’s World Energy Outlook report from October 2023 shows clean technologies playing a significantly greater role in the global energy system by 2030 than they do today. María adds that more action is needed to meet climate targets, including accelerating the energy transition by implementing policies that prioritize electrification and renewable energy sources. Additionally, there is a call for the development of a more robust EU industrial strategy to support competitiveness amid this transition. The article also delves into Europe's dependence on #fossilfuel imports, making it vulnerable to geopolitical shocks. "The war in Ukraine, and subsequent energy crisis, was a wake-up call," prompting a push for energy transition. 🔗 Read the article here: https://lnkd.in/eG3McCe5 #WMBC #EnergyTransition #ClimatePolicy 

“The #UK still has a unique opportunity to create a new #energy future. Accelerating the re-purposing of the #NorthSea as a world-class, multi-energy basin will ensure the sector can power the country for decades to come. The prize for the UK to get this right is enormous. But to deliver this requires action and urgency, which means faster planning and consenting and access to the grid,” highlighted Professor Paul de Leeuw, Director of RGU’s Energy Transition Institute. #energytransition #oilgas #offshorewind #decarbonization #netzero #offshoreenergy Robert Gordon University

Comment: why the Government must focus on decarbonising how we produce AND consume energy In the comment inserted at the bottom of this email, Don McLean, CEO of Glasgow-headquartered climate tech company, IES Ltd., discusses the welcome attention around decarbonising energy production. However, he reaffirms the need to take a holistic approach to decarbonising how we both produce and consume energy, in order to deliver on the ambition for Britain to become a clean energy superpower. Commenting on the role of the new government when it comes to decarbonising energy in the UK, Don said: “Since at least 2015, governments have talked about how they would cut emissions, but sadly, this has not yet been achieved. While Labour promises to solve former Conservative failures, the scale and pace of climate change is impacting the Earth more and more and becoming an increasingly pressing issue. “The new government has made some big promises when it comes to decarbonising the UK energy system, and all eyes will be on how they put this policy into practice throughout the next parliament. “Great British Energy is a welcome initiative which will go some way to focus attention on decarbonising energy production. But while decarbonising the grid is really important, we also need to strengthen our efforts in reducing the way we consume energy in turn. https://lnkd.in/di3xDM4i

ICYMI: Amena H. Saiyid talked to leaders from Guyana, Brazil and Trinidad and Tobago about the energy transition in their countries. Many of these nations are poised to embrace cleaner energy but stiff competition from the United States and Europe could hamper that ambition. What's more, many of these countries could become major clean energy players — but may rely on fossil fuel revenues to do so. Read more: https://nt-z.ro/4brk0nX