Oil and Gas News from OilGasDaily.Com
OIL AND GAS
IEA, ECB urge Europe to move faster on energy transition
IEA, ECB urge Europe to move faster on energy transition
by AFP Staff Writers
Paris (AFP) Sept 29, 2023

Europe must invest more quickly and massively in its energy transition if it wants to remain a global industrial power, top policymakers warned on Friday.

The plea was made at a conference on the clean energy transition hosted by the International Energy Agency, the European Central Bank and the European Investment Bank in Paris.

The leaders said private sector investment faces barriers including policy uncertainty, bureaucratic red tape that delays projects, and higher energy costs.

At the same time, the United States, China, India, Japan and South Korea are deploying ambitious industrial programmes, they warned.

Friday's conference focused on the financial and public policy tools that could unleash the investments needed for the clean energy transition.

"Despite its large internal market, skilled workforce and world-beating research and development, we're yet to see how Europe will put its ambitions into practice," said IEA executive director Fatih Birol.

"Policymakers must take bold action, and soon, for the region to remain a global industrial power," Birol said.

ECB president Christine Lagarde called on Europe to "avoid procrastination".

"While it is tempting to think that we can smooth out the cost of the transition by pushing back climate targets, the evidence suggests that this will not be the case," she said.

"Procrastinating is likely to increase the bill we will end up having to pay," Lagarde said.

"Pushing back targets will not buy us more time for the investment required."

Werner Hoyer, president of the European Investment Bank, said industries "must be prompt and embrace change, or risk being left behind".

"Only massive and swift investment in net zero technologies will make sure that Europe remains an attractive place do business, a place where innovation thrives, where new ideas flourish, and wealth and jobs are created," Hoyer said.

Earlier this week, the IEA said wealthy countries should move their net-zero target to 2045 -- five years earlier than planned, -- to keep to the Paris Agreement goal of limiting global warming to 1.5 degrees Celsius above pre-industrial levels.

It urged China, the world's largest polluter, to speed up its carbon neutrality goal by a decade to 2050.

Related Links
All About Oil and Gas News at OilGasDaily.com

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
OIL AND GAS
Germany bets on hydrogen to help cut trucking emissions
Berlin (AFP) Sept 29, 2023
Applause rings out as Daimler Truck's hydrogen-powered, zero-emission lorry crosses the finish line in Berlin after completing a record-breaking 1,047-kilometre (650 mile) journey on a single tank. But in the race to decarbonise long-haul trucking, the niche technology is still stuck in the slow lane. The Mercedes-Benz GenH2 truck started its demonstration run at the group's factory in Woerth am Rhein on Monday afternoon, near the border with France, and arrived in the German capital on Tuesday ... read more

OIL AND GAS
Lightning strike hits UK biogas facility

Aston University research pioneers making renewable hydrogen and propane fuel gases from glycerol

Making aviation fuel from biomass

Chevron, partners develop a transportation fuel using animal waste as a feedstock

OIL AND GAS
India must rapidly scale solar to reach renewable targets: study

Toward high-efficiency thin crystalline silicon solar cells

Flexible solar cell achieves major power conversion efficiency gains

Solar panels go into service near North Pole

OIL AND GAS
Harvesting wind energy in small countries with low wind speed and limited

How wind turbines react to turbulence

Work starts on key German wind power energy line

No offshore wind in latest UK green energy auction

OIL AND GAS
China fosters new-generation nuclear power reactors

Chi-Nu experiment ends with data to support nuclear security, energy reactors

Poland signs deal with Westinghouse for first nuclear power plant

Framatome awarded DoE contract to advance Digital Twin-based Diagnostics

OIL AND GAS
Youth bring climate case to Europe rights court

Charles wraps up France trip with cheering crowds in Bordeaux

King Charles's France trip closing with climate focus

Charles proposes France-UK pact to combat climate 'emergency'

OIL AND GAS
VinFast boss insists share volatility 'normal'

Swiss-led team drives electric vans from Geneva to Doha

Factory shutdowns hit Tesla's third quarter deliveries

UK government to push back on 'anti-car measures'

OIL AND GAS
Iraq airfield hit by Turkey hosts regular forces: Kurd official

Iraq sentences IS member to death over pilgrim bombing

18 Iraq police get jail terms over Sweden embassy fire

Millions of Shiite pilgrims flock to Iraq's Karbala

OIL AND GAS
Cruise missiles to nukes: North Korea's arsenal

North Korea enshrines nuclear power status in constitution

North Korea to expel US soldier Travis King: KCNA

US soldier 'happy' after being freed by North Korea

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.