IRENA’s new report Innovation landscape for a renewable-powered future: Solutions to integrate variable renewables, will be launched in Brussels on 19 February 2019. IRENA’s Director-General Adnan Z. Amin will present the report in the presence of EU Energy and Climate Action Commissioner Miguel Arias Cañete and Energy Director-General Dominique Ristori during an official launch event hosted by the European Commission.
Innovation is the engine powering the energy transition and the global pace of innovation is accelerating. The power sector has led the way with rapid cost reductions in key renewable energy technologies: solar and wind energy. Renewables accounted for an estimated quarter of total global power generation in 2017, with a substantial growth in variable renewable energy (VRE) like wind and solar PV technologies.
However, meeting the climate objectives of the Paris Agreement would require renewable energy to have an 85% share of total electricity generation by 2050, IRENA estimates. Furthermore, the share of electricity consumed in the total energy demand of end-use sectors — industry, transport and buildings — would need to double from around 20% in 2015 to 40% by 2050.
With more VRE in the system, challenges to balance supply and demand will increase. To keep balancing costs low and therewith maximise the value of low-cost VRE, more flexibility in the power systems is needed — flexibility generated by using innovative solutions.
IRENA’s Innovation landscape report maps and categorises many examples of innovations and innovative solutions in development by pioneering companies and backed by far-sighted governments around the world. The report and its accompanying detailed online resources will provide decision makers with a clear, easily navigable but comprehensive guide to the diversity of innovations in use, or in development, in countries across the globe.
Greek shipowners do not care about the boycott of Russian oil
European sanctions against Russian oil will only lead to higher prices, it will hit the pocket of the end consumer, says Nicolas A. Vernicos, the largest Greek ship owner and president of the International Chamber of Commerce. He made this statement in connection with the decision of the European Union to impose a price cap on Russian oil.
The French ‘Liberation’ published an interview with N. Vernicos under the title “Russian oil: Greek shipowners, in whose hands half of the world’s tankers, do not care about the boycott.”
Vernicos says: “Transportation costs, which are already skyrocketing, will rise even faster, but the embargo on the transportation of Russian oil by sea will have a positive effect on shipowners, because we will become richer.”
At the same time, he warns that Greece will comply with the new conditions. The European decision on sanctions will bring a net benefit only to maritime carriers. Nicolas A. Vernicos recalls: “The Greek shipping community is the strongest in the world… Nothing can be done without it, and the Greeks will definitely find a way around the sanctions.”
And on the fact that prices will rise, Russia will also earn.
‘Liberation’ writes that in the hands of the Greeks 21% of the world’s shipping tonnage and 40% of the world’s tonnage in the transportation of oil, their trade cooperation with Russia has existed since the 19th century, and they do not intend to stop it.
The EU countries have already agreed on the issue. An agreement was reached to set the price limit at $60 per barrel. The decision came into force on 5 December.
OPEC+ agrees to stick to its existing policy of reducing oil production
Led by Saudi Arabia and Russia, OPEC+ agreed in early October to reduce production by 2 million barrels per day from November, – informs CNBC.
An influential alliance of oil producers on Sunday agreed to stay the course on output policy ahead of a pending ban from the European Union on Russian crude.
OPEC and non-OPEC producers, a group of 23 oil-producing nations known as OPEC+, decided to stick to its existing policy of reducing oil production by 2 million barrels per day, or about 2% of world demand, from November until the end of 2023.
The European Union is poised to ban all imports of Russian seaborne crude from Monday, while the U.S. and other members of the G-7 will impose a price cap on the oil Russia sells to countries around the world.
The Kremlin has previously warned that any attempt to impose a price cap on Russian oil will cause more harm than good.
Led by Saudi Arabia and Russia, OPEC+ agreed in early October to reduce production by 2 million barrels per day from November. It came despite calls from the U.S. for the group to pump more to lower fuel prices and help the global economy…
The looming Russian oil price “cap” has all the hallmarks of a historic debacle in the making, – notes “The Hill”.
For months, the United States and the G-7 have haggled over a complex plan to constrain the money that the Kremlin makes from some of its oil exports.
Despite Russian war against Ukraine and subsequent Western sanctions on his regime, Russia is swimming in petrol dollars. By the end of the year, the Russian Economy Ministry estimates that the country will have made a record $338 billion from its energy exports.
Together with America’s existing embargo on Russian crude, when the European Union’s oil embargo comes into full force on Dec. 5, policymakers fear that the move will constrain global petroleum supplies and push prices upward.
Assuming that EU and G-7 leaders can sort out their current price puzzle and fix Russian crude below what the international market would prefer to pay, who will pick winners and losers in the subsequent scramble for cheap Kremlin oil: Putin and his energy cronies?
The Russian oil “cap” would not be necessary if the Biden White House had been making it easier to open the spigots of American oil from the start. The president’s pledge of “no more drilling” in America continues to undercut his economic and foreign policy against Russia.
If the Russian oil price cap fails to materialize or work as officials intend, the United States and its allies should drop the scheme, – stresses “The Hill”.
G7 agrees oil price cap: reducing Russia’s revenues, while keeping global energy markets stable
The international Price Cap Coalition has finalised its work on implementing an oil price cap on Russian seaborne crude oil. EU Member States in the Council have also just approved in parallel its implementation within the EU.
The cap has been set at a maximum price of 60 USD per barrel for crude oil and is adjustable in the future in order to respond to market developments. This cap will be implemented by all members of the Price Cap Coalition through their respective domestic legal processes.
Ursula von der Leyen, President of the European Commission, said, “The G7 and all EU Member States have taken a decision that will hit Russia’s revenues even harder and reduce its ability to wage war in Ukraine. It will also help us to stabilise global energy prices, benefitting countries across the world who are currently confronted with high oil prices.”
While the EU’s ban on importing Russian seaborne crude oil and petroleum products remains fully in place, the price cap will allow European operators to transport Russian oil to third countries, provided its price remains strictly below the cap.
The price cap has been specifically designed to reduce further Russia’s revenues, while keeping global energy markets stable through continued supplies. It will therefore also help address inflation and keep energy costs stable at a time when high costs – particularly elevated fuel prices – are a great concern in the EU and across the globe.
The price cap will take effect after 5 December 2022 for crude and 5 February 2023 for refined petroleum products [the price for refined products will be finalised in due course]. It will enter into force simultaneously across all Price Cap Coalition jurisdictions. The price cap also provides for a smooth transition – it will not apply to oil purchased above the price cap, which is loaded onto vessels prior to 5 December and unloaded before 19 January 2023.
The EU’s sanctions against Russia are proving effective. They are damaging Russia’s ability to manufacture new weapons and repair existing ones, as well as hinder its transport of material.
The geopolitical, economic, and financial implications of Russia’s continued aggression are clear, as the war has disrupted global commodities markets, especially for agrifood products and energy. The EU continues to ensure that its sanctions do not impact energy and agrifood exports from Russia to third countries.
As guardian of the EU Treaties, the European Commission monitors the enforcement of EU sanctions across the EU.
The EU stands united in its solidarity with Ukraine, and will continue to support Ukraine and its people together with its international partners, including through additional political, financial, and humanitarian support.
Conflict in Ukraine is doomed to escalate
The meet-up location of NATO foreign ministers on November 29-30— Bucharest — was where ten years ago, former US President...
Democrats Control of the Senate
Midterm elections are held in the United States every four years in the middle of the term of the American...
Rise of deep-fakes to spread misinformation for Ukraine – Russia crisis, possible spillovers, and impact
Volodymyr Zelensky appeared in a video during the third week of the Ukraine crisis earlier this year, wearing a dark...
Scholz and Macron threaten trade retaliation against Biden
After publicly falling out, Olaf Scholz and Emmanuel Macron have found something they agree on: mounting alarm over unfair competition...
The US military is operating in more countries than we think
“Irregular warfare” is defined by Pentagon as “competition… short of traditional armed conflict” or “all-out war.” A new report finds...
Why America Aims to Deindustrialize Europe
Imperialism has always been — and always is — control of foreign governments. This is especially control of those governments’...
When Mr. Xi comes to town
Pomp and circumstance are important. So are multiple agreements to be signed during Chinese President Xi Jinping’s visit to Saudi...
World News3 days ago
Douglas Macgregor: ‘Russia will establish Victory on its own terms’
Southeast Asia4 days ago
Serving the country and the King: The Constitutional Court Justice Chiranit Havanond
Eastern Europe3 days ago
UK Special Services continue to provoke an aggravation of the situation near the Black Sea
World News4 days ago
Politicians and journalists targeted by spyware to testify at Council of Europe parliamentary hearing in Paris
Terrorism3 days ago
Weapons from Ukraine’s war now coming to Africa
Tech News3 days ago
Self-driving cars emerge from the sci-fi realm
Science & Technology4 days ago
The Promise of Blockchain in Mega Sport Events
Americas4 days ago
Who Rules America: How Money Dominates Politics