WBG: RENEWABLE INVESTMENT
WBG - The current pace of progress on three global energy goals – access to electricity, renewable energy and efficiency – is not moving fast enough to meet 2030 targets, according to the latest Global Tracking Framework (GTF) report released today by the World Bank and the International Energy Agency as part of the Sustainable Energy for All Knowledge Hub.
The increase of people getting access to electricity is slowing down, and if this trend is not reversed, projections are that the world will only reach 92% electrification by 2030, still short of universal access. Only energy efficiency made progress towards meeting these objectives; with energy savings during the 2012-2014 GTF reporting period enough to supply Brazil and Pakistan combined.
While the research found that most countries are not doing enough, some are showing encouraging progress, including Afghanistan, Cambodia, Kenya, Malawi, Sudan, Uganda, Zambia, and Rwanda. These countries underscore that accelerating progress towards universal access is possible with the right policies, robust investments (both public and private) and innovative technology.
Rachel Kyte, CEO and Special Representative to the UN Secretary-General for Sustainable Energy for All, said: "If we're to make access to clean, affordable and reliable energy a reality, action must be driven through political leadership. This new data is a warning for world leaders to take more focused, urgent action on access to energy and clean cooking, improving efficiency and use of renewables to meet our goals. While we are making some progress - with many of the technologies we need available and policy roadmaps increasingly clear - it's not enough. We all made the commitment to act, and every day we delay it becomes more painful and expensive."
To meet Sustainable Energy for All objectives, it is estimated that renewable energy investment would need to increase by a factor of 2-3, while energy efficiency investment would need to increase by a factor of 3-6. Estimates suggest that a five-fold increase would be needed to reach universal access by 2030.
"This year's Global Tracking Framework is a wake-up call for greater effort on a number of fronts. There needs to be increased financing, bolder policy commitments, and a willingness to embrace new technologies on a wider scale. The World Bank is committed, alongside our international development partners, to support countries to reach these goals," said Riccardo Puliti, Senior Director and Head of Energy and Extractives at the World Bank.
"The Global Tracking Framework demonstrates the urgency to speed up action on achieving Sustainable Energy for All. We at the IEA are proud to contribute once again to this key publication, which highlights the necessity of a global transition to clean, modern energy and ensure a prosperous and productive future for everyone," said Dr Fatih Birol, IEA Executive Director.
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U.S. EIA - Energy companies’ free cash flow—the difference between cash from operations and capital expenditure—was $119 billion for the four quarters ending June 30, 2018, the largest four-quarter sum during 2013–18 Companies reduced debt for seven consecutive quarters, contributing to the lowest long-term debt-to-equity ratio since third-quarter 2014
OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.
ARAB NEWS - Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC’s second-largest producer is following through on a deal to raise supply and local unrest is not affecting shipments.
PLATTS - The International Energy Agency expects the US to account for 75% of the global growth in natural gas exports over the next five years, a bullish outlook for LNG developers facing challenges at home getting projects off the ground and abroad with tariffs affecting trade flows.