| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

News Main Page 
 Asia-Pacific Business Week


How to use our RSS feed

Web Finfacts


Finfacts is Ireland's leading business information site and you are in its business news section.

We provide access to live business television and business related videos from: Bloomberg TV; The Wall Street Journal; CNBC and the Financial Times. Click image:


Finfacts Homepage

Global News

Bloomberg News

CNN Money

Cnet Tech News


Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News





News : International Last Updated: Dec 19th, 2007 - 13:17:15

International Energy Agency calls for mitigation of climate change now by realising huge potential of energy efficiency; CO2 emissions are already some 20% higher today than in 1997
By Finfacts Team
Dec 11, 2007, 10:02

Email this article
 Printer friendly page

The International Energy Agency (IEA), the 26-country membership energy adviser to industrialised countries, including Ireland, today called for action to mitigate climate change and realise the huge potential of energy efficiency.

"On this 10th Anniversary of the Kyoto Protocol agreement, we do not feel it is the time to celebrate", said Nobuo Tanaka, Executive Director of the International Energy Agency (IEA) today at the UN Climate Change Conference (COP-13) in Bali. "CO2 emissions are already some 20 percent higher today than in 1997 and are set to increase even further and faster." He referred to the IEA World Energy Outlook 2007 ¨C China and India Insights (WEO), showing that, absent new policies, energy related carbon emissions will increase by almost 60%, reaching 42 billion tonnes (Gt) in 2030. This is higher than last year's projection by 1.5 Gt because of much greater coal use than expected, driven by high oil and gas prices. Despite many ambitious policy instruments and rising energy prices, emissions continue to rise in IEA countries.

"More than ever, we need to act NOW. Energy production and uses are a big part of the problem: the energy sector and players must deliver the solution. For a start, all parts of governments with energy responsibilities must rapidly engage in designing effective policies," Tanaka stressed." Much stronger action is needed everywhere to curb, stabilise and reduce man-made CO2 emissions in the foreseeable future. We don't have any time to lose; decisions need to be taken now and implementation has to begin immediately. The cost of inaction will be high otherwise. This is a global problem and needs to be tackled on a global basis with the participation of all emitters."

IEA analyses show that a departure from current trends is possible by exploiting the immediate benefits of energy efficiency and deployment of known technologies, reinforced by new technologies that will only be available with much greater effort. "Whatever the outcome of this conference and the architecture of a new climate regime will be, these must form the foundation," Tanaka said.

Year on year, IEA projections reinforce the critical role that energy efficiency and a better use of our resources can deliver on climate, energy security and welfare. The IEA says that the WEO demonstrates that by implementing policies under discussion today, CO2 emissions from OECD countries could begin declining by 2015; global emissions would stabilise by 2025 ¨C with energy efficiency delivering the bulk of avoided emissions. The past two G8 Summits have endorsed 16 IEA concrete recommendations covering all energy end-uses, such as buildings (40% of OECD energy use), transport (using 60% of world oil) and lighting. If implemented globally, these initiatives alone could save 5.7 Gigatonnes of CO2 by 2030 ¨C nearly a quarter of what we need to accomplish worldwide.

"The triple-win potential of energy efficiency ©¤ higher economic performance, higher energy security and less climate change ©¤ leads to three recommendations: implement, implement, implement," Tanaka said, "for developed and emerging economies alike."

"All parts of governments have a stake in energy. It is not just about the people gathered here in Bali, to come to grips with the climate change challenge. To realise the tremendous potential for improvements across the board, energy efficiency needs a well-designed and sustained policy push," urged Tanaka. "This will pave the way for a least-cost strategy to reduce energy-related emissions in the long run."

Energy-intensive industry around the world is increasingly sensitive to its responsibilities meeting the climate change challenge. Policy makers worldwide will have to set the policy framework within which industry can respond to the climate change challenge without detriment to their competitive position, without arbitrarily inducing migration of industrial activity and indeed, creating commercial incentive to adopting cleaner industrial processes. The IEA is well-engaged on this agenda.

Abundant, secure, economical coal cannot be and is not being ignored. But our ability to use that coal in a sustainable way will depend on CO2 capture and storage (CCS). Yet we are not doing enough. "The IEA calls on governments to step up their subport to research in CCS ¨C its development will not happen without it," Tanaka emphasised and added, "We have said there is no single technology silver bullet, nor is there a single policy solution. We need a full range of mechanisms including sectoral approaches, emissions trading, tax incentives, performance-based regulation, fees or taxes, consumer labelling, technology co-operation and development. We need them all to achieve the massive energy transformation that the climate challenge poses to us. The IEA stands ready to advise on best policy choices in light of the energy sector realities."

IEA recommendations to the G8 for action on energy efficiency:




Finfacts Climate Change Reports - access on right-hand column of home page

China has added power capacity in 2007 equivalent to that of the UK’s entire electricity grid.

About 85 per cent of the new generating capacity of 90GW is coal-fired and while the Chinese economy is one-quarter to one-third the size of the US, China will take over as the world’s biggest emitter of greenhouse gases this year, says the International Energy Agency (IEA).

“The increase in China’s energy demand between 2002 and 2005 was equivalent to Japan’s current annual energy use,” according to the International Energy Agency’s latest World Energy Outlook.

Power demand has expanded at an annualised rate of 16.2%, following a 13.7% rise in 2006.

The official figure for new generating capacity for 2007 has not been announced but calculations by consultancies based on announcements this year put the figure at about 90GWs.

The Financial Times says today that Zhu Songbin, of the Songlin power consultancy in Beijing, said he expected new capacity of 90GWs for 2007, based on the 72.7GWs added in the 10 months to October.

The FT says that the rapid growth has produced a surge in new coal-fired plants, as they provide the only affordable energy that can be brought online quickly enough to meet rising demand. However, China is also focusing on nuclear power and renewable energy such as wind power.

However, coal remains the key power source. In the 11 months to November, China closed 365 small coal power stations, according to the China Sustainable Energy Foundation, equal to 11GWs of generating capacity. Once they are taken into account, the net additional capacity is about 80GWs

© Copyright 2007 by Finfacts.com

Top of Page

Latest Headlines
Markets News Wednesday: Stocks deep in red ink across the globe: Asia-Pacific and Europe slump following grim day in New York
Apple launches MacBook Air - the world’s thinnest notebook
Europe suffered a slowdown in labour productivity in 2007; Rich countries face struggle to achieve rises in living standards
Wednesday Newspaper Review - Irish Business News and International Stories
Intel reports 51% rise in Q4 2007 net income but cautious outlook for 2008 sends shares plunging 14% in after-hours trading
Markets News Afternoon: Citi rains heavily on markets in Europe and US - Dublin plunges almost 4%
US retail sales fell in December signalling that consumer spending is under strain; Producer/Wholesale prices rose 6.3% in 2007 - the highest since 1981
Citigroup reported Q4 2007 loss of $9.83 billion; Write-downs and increased credit costs were a massive $22.2 billion
Markets News Tuesday: Citi bad news awaited; Markets fall in Asia-Pacific and Europe; Dollar up from near record low against Euro; Gold price over $900
Hong Kong and Singapore again head Index of Economic Freedom; Ireland gets third ranking
Tuesday Newspaper Review - Irish Business News and International Stories
US Hedge Fund Index shows return of 11.15% in 2007 - More than double the S&P 500 performance
Markets News Afternoon: Stocks rally in US and Europe boosted by positive fourth quarter data from IBM and SAP
IBM reports strong fourth quarter preliminary earnings boosted by Asia, Europe and Emerging Countries
Markets News Monday: Start of US fourth quarter earnings season has investors worried about how banks and brokerages have performed
Monday Newspaper Review - Irish Business News and International Stories
US study says Environmental Factors shaping New Global Economy
Markets News Afternoon: Report say Merrill Lynch will announce $15bn loss next week; Stocks down in US and Europe - Dublin market up; Gold tops $900
US trade deficit increased to $63.1 billion in November
OECD Composite Leading Indicators signal a downswing in all major OECD economies