Business News

The IEA report raises doubts from member states and the oil industry

The world’s largest oil imports and global energy producers have criticized the International Energy Agency’s findings reports by zero zero emissions by 2050, indicating that they will continue to sell the old oil even though security advisers are telling them.

The reversal is a reflection of the controversy surrounding the IEA’s conclusions that include banning oil exploration and the use of new technologies.

While the IEA has stated that there is a need to continue accounting for the amount of money already received and for existing services, the researchers say the body does not fully accept the risks of strong security in the future. They say they fail to provide shelter if the world cannot afford to produce alternative low-carbon alternatives instead of high-energy oil.

Japan, a founding member of the IEA, has always listened intently to the advice of energy regulators in Paris, but last week’s report sparked skepticism from the ministry of finance, trade and industry.

“It is true that there are areas in which the Japanese government does not agree,” said Prime Minister Hiroshi Kajiyama, commenting on new oil tariffs and coal depletion.

Japan has taken a target of zero zero by 2050 but is struggling to make a plan for how to get there. Nuclear fuel is unpopular due to the Fukushima disaster and the mountainous islands in the country make renewable prices more expensive. Many Japanese experts want to continue burning coal and gas and rely on greenhouse gas emissions in other countries.

Last week, Japan entered pledge and G7 environmental ministers suspending all government funding from coal-fired power plants by the end of this year.

Australian Finance Minister Keith Pitt also said that previous IEA reports highlighted major coal mining operations, and said that recent developments have not adequately met the requirements for carbon engineering.

“Coal, oil and gas will continue to play a key role in Australia’s energy integration, as well as our foreign success, for many years to come,” Pitt said.

Australia is using government funds to implement a “fuel-fired” decommissioning response to the Covid-19 epidemic, and is refusing to be pressured by foreign powers to set zero.

Norway’s right-wing government and the left-wing opposition party, both strong IEA supporters, have also expressed doubts about the report ahead of the September elections when oil futures should be a major factor.

Oil Minister Tina Bru said “it would not be the same as the rest of the world” if Norway quit its oil operations and that Europe’s largest oil producer could produce more oil and gas than most other countries because of the extra energy that can be used to make weapons. of the sea.

IEA events often form the file of the basis of the principles of electrical engineering, and the most recent report of a zero-emission bomb was praised by climate groups as a significant factor.

Report explains the process zero emissions by 2050 where coal demand is reduced by 90%, gas demand by 55%, and oil demand by 75%.

IEA Director General Fatih Birol spoke on the opposition in LinkedIn post over the weekend, stating that the zero report was not the first time the council had been charged with losing its operations.

“This misses the point of the IEA,” he wrote in a statement. “For many years, we have been looking at creating a strong future for peace for all, which requires a change in electricity. The future of energy needs this – a country devastated by climate change from oil residues will not be safe.”

Seasonal Growth

Where climate change meets business, markets and politics. See the FT publication here

Several powerful organizations have criticized the report, including the World Nuclear Association, which said it was “absolutely impossible”, and the World Coal Association, which it said was untrue.

The International Gas Union, which represents the gas industry, has warned that if the IEA roadmap is implemented, it could be “at high risk” for electricity security.

Andy Calitz, secretary-general of the International Gas Union, said: “We are seeing massive power outages, air traffic control, land and water traffic, urban and industrial power outages, and a sharp rise in electricity tariffs.”

Meanwhile, large oil and gas companies have expressed doubts as to whether the aforementioned methods would not work.

“It’s a paperback,” said Bernard Looney, BP’s chief executive, at a press conference last week. He said he respected the IEA and the importance of the report, but added that the world needed less action and “action”.

Writer Leslie Hook, Anjli Raval, Robin Harding, Jamie Smyth, Richard Milne and Neil Hume.

Source link

Related Articles

Leave a Reply

Back to top button