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Baker Institute team says fossil fuel subsidies need global reform

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“There is evidence that fossil fuel subsidies are socially inequitable, that they encourage smuggling and waste, and distort economies in ways that undermine economic efficiency while harming the environment and the climate,” wrote Jim Krane, the Wallace S. Costs ranged from a low of 0.3% Source: Baker Institute.

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BNEF: Oil price plunge to have only moderate impact on low-carbon electricity development, but likely to slow EV growth

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The collapse in world oil prices in the second half of 2014 will have only a moderate impact on the fast-developing low-carbon transition in the world electricity system, according to research firm Bloomberg New Energy Finance. However, the slump in the Brent crude price per barrel from $112.36 on 30 June to $61.60

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Global CO2 emissions up 3% in 2011; per capita CO2 emissions in China reach EU levels

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savings stimulated by high oil prices led to a decrease of 3% in CO 2 emissions in the European Union and of 2% in both the United States and Japan. tonnes per capita, despite a decline due to the recession in 2008-2009, high oil prices and an increased share of natural gas. Coal consumption in China increased by 9.7%

2011 236
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BP Energy Outlook 2030 sees emerging economies leading energy growth to 2030; global CO2 emissions from energy well above IEA 450 scenario

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Natural gas is projected to be the fastest growing fossil fuel, and coal and oil are likely to lose market share as all fossil fuels experience lower growth rates. Toward the end of the period, coal demand in China will no longer be rising and China is projected to become the world’s largest oil consumer. Coal will increase by 1.2%

Energy 210
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IEA WEO-2012 finds major shift in global energy balance but not onto a more sustainable path; identifies potential for transformative shift in global energy efficiency

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barely rises in OECD countries, although there is a pronounced shift away from oil, coal (and, in some countries, nuclear) towards natural gas and renewables. mb/d in 2011, and the average IEA crude oil import price rises to $125/barrel (in year-2011 dollars) in 2035 (over $215/barrel in nominal terms). Energy demand. — WEO-2012.

Global 225
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Europe/US team: transitioning to a low-carbon world will create new rivalries, winners and losers

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For example, rich countries such as Germany can throw billions of dollars at their coal sector to ease their transition pain, offering generous financial aid to lignite-producing regions. Saudi Arabia and Kuwait might, and should be encouraged to do so. This scenario assumes a full global consensus for action on climate change.

Carbon 207
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IEA World Energy Outlook view on the transport sector to 2035; passenger car fleet doubling to almost 1.7B units, driving oil demand up to 99 mb/d; reconfirming the end of cheap oil

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But the average oil price remains high, approaching $120/barrel (in year-2010 dollars) in 2035. If, between 2011 and 2015, investment in the MENA region runs one-third lower than the $100 billion per year required, consumers could face a near-term rise in the oil price to $150/barrel. —WEO 2011. Click to enlarge.

Oil 247