The International Energy Agency (IEA) has launched its 2015 World Energy Outlook. Covering major issues including the drop in world oil prices, the end of the rise in China's coal consumption and the 'critical' global climate summit in Paris this December, the Outlook makes for judicious reading for all in the energy sector.
The report says that there are "clear signs" an energy transition is underway, in particular since renewables powered almost half of the world's new power generation capacity in 2014. Moreover, pledges that have already been submitted in advance of the climate summit are "rich in commitments on renewables and energy efficiency."
Reacting to the report, Miguel Arias Cañete, European Commissioner for climate action and energy, said: "The good news is that the report shows the world is shifting towards clean energy. But while the direction of travel is changing, the destination is still not the 2 degrees. I am convinced that an ambitious global climate agreement in Paris will help accelerate the necessary global energy transition. The EU is ready to continue to do its part."
The WEO 2015 also includes energy projections up to 2040 and examines renewables, fossil fuels, energy efficiency and CO2 emissions. It finds that world energy demand is likely to rise by nearly one-third between 2013 and 2040 due to increases in energy consumption in developing countries.