According to the Statistical Review of World Energy report, global energy demand grew by 1% last year, but fossil fuels still dominate, accounting for 82% of supply. The industry report found that renewables accounted for 7.5% of global energy consumption, while fossil fuels remained at 82%. Electricity generation rose 2.3%, with wind and solar growing to account for 12% of electricity generation. Coal's share of electricity generation remains dominant at 35.4%. Scientists believe the world needs to reduce greenhouse gas emissions by 43% by 2030 to meet the Paris Agreement's goal of keeping temperature rises below 2 degrees Celsius.
The Canadian government, led by Prime Minister Justin Trudeau, faces the challenge of achieving net-zero emissions by 2050. The Canadian Energy Regulator (CER) has published three scenarios for the target, but has yet to make any recommendations. The report highlights that further action is needed across industries and provinces to contribute to achieving this goal. Due to high oil prices, Canadian oil production will continue to grow until the end of the decade, with the most optimistic scenario seeing crude oil production peak in 2026. The third scenario is that oil production peaks in 2035. If Canada achieves net-zero emissions by 2050, it will generate electricity using zero- or low-emissions technologies, doubling electricity demand by 2050.
Norfund, Norway's climate investment fund, and KLP, Norway's largest pension company, have committed to providing equity and guarantees for a 168 MW wind farm being developed by Enel Green Power in India. The project is expected to produce about 700 GWh per year, which will avoid the emission of about 573,000 tons of CO2 per year as India's current energy source is mainly coal. The investment is part of the Climate Investment Fund's first-year total commitment of NOK 2.14 billion, which will distribute NOK 10 billion over the next five years. The project is the third investment under the Climate Investment Fund, with KLP as co-investor. The government has committed NOK 10 billion over the next five years to fund projects that are estimated to avoid emissions of 6.2 million tonnes of CO2e per year.
Reliance Industries, led by billionaire Mukesh Ambani, could earn $1-1.5 billion from its new energy business by 2030 and invest $2 trillion in India by 2050. The company plans to have 100GW of installed solar capacity by 2030, accounting for 35% of India's targeted capacity. The company aims to become a net zero carbon company by 2035 and is building a fully integrated end-to-end renewable energy ecosystem for customers through solar, batteries and hydrogen. The Indian government has set a target to install 500GW of renewable energy capacity by 2030, with solar accounting for the lion's share.
GE Vernova has been selected by Amplus Solar as the supplier of onshore wind turbines for a 108 MW Tamil Nadu project. The company will supply and commission 40 units, marking India's order book exceeding 3 GW, with the aim of reaching 5 GW of installed wind capacity by early 2024. The wind farm is expected to be commissioned in August 2024.
Cepsa and Iberdrola have signed an agreement to transport green hydrogen between Spain and the Netherlands, aiming to become a leader in green hydrogen. Cepsa hopes to sell some of its products to industrial customers eager to decarbonize the European economy through the Netherlands. The agreements will help create a green hydrogen sea corridor between Algeciras and Rotterdam and allow Cepsa access to its transport network in the Netherlands. Iberdrola plans to invest 3 billion euros in its flagship green hydrogen project in Andalusia, which includes a 1 billion euro green ammonia plant.