JAPAN'S RENEWABLE ENERGY
BLOOMBERG - Japan's plans to develop its renewable energy industry are lagging much of the world, as the nation has "prioritized keeping the status quo for fear of change," Foreign Minister Taro Kono said.
Japan wants renewable energy to account for 22 percent to 24 percent of its overall energy mix by 2030, while the global average today is already 24 percent, Kono said Sunday at an International Renewable Energy Agency meeting in Abu Dhabi. "As Japanese foreign minister, I consider these circumstances lamentable."
Japan held its first-ever solar power auction last November, with the aim of reducing costs in one of the most expensive countries to generate electricity from the sun. But the results showed "underwhelming demand," according to Bloomberg New Energy Finance. Government incentives have been decreasing since their introduction in 2012 following the Fukushima earthquake and nuclear disaster. The support, known as feed-in-tariff, cost the Japanese public up to $24 billion last year, and costs are expected to increase, Kono said.
"We need bold investments and institutional reforms to enhance the transmission network and electric power exchange between regional utilities for the larger deployment of renewables," he said.
There is some progress. Japan is leading research and development in a new type of "printable" photovoltatic solar cell that may lead to further cost reductions in the PV market, he said. A Japanese university has also developed an "all-solid-state battery" for the auto industry, he said. For the 2020 Tokyo Olympics, Japan plans to transport, store and use hydrogen produced by renewables and provide hydrogen to fuel passenger vehicles and buses for the event.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.