Global Warming Current Affairs - 2019

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International Energy Agency releases World Energy Outlook, 2019

The Paris based International Energy Agency recently released its report on World Energy Outlook. The Agency has projected that the installed solar power in the world will increase by 3,142 GW by 2040. According to the report, the currently the world uses 495 GW of installed solar power.

Highlights of the report

Oil demand will slow down after 2025 and the world will transit towards electric vehicles. However, the oil demand for the next decade will keep increasing with 85% of increase coming from the US. In African states, the gas and renewable sources will power the future energy. However, the demand for coal in these countries are still raising

The report says that at present the energy demand in the world is growing at the rate of 2% per year.

Climate Scenarios

There are three climate scenarios projected by the report for the future. It includes the Current Policy Scenario, Stated Policy Scenario and Sustainable Development Scenario.

According to Current Policy Scenario, the world will continue to function with the old regulations with energy demand rising at the rate of 1.3% by 2040. The Stated Policy Scenario is New Policy Scenario. Under this the report says that with the new policies that have been introduced by the governments, the energy demand will increase by 1% per year.

The Sustainable Policy Scenario is the most ambitious of all the scenarios. Under this, the report says that by aligning with Paris Agreement the global temperature will reduce by 1.5 degree Celsius.

IEA

IEA is an inter-governmental organization of OECD (Organization for Economic Co-operation and Development). the World Economic Outlook is the flagship publication of the agency.

European Investment Bank to stop Fossil Fuel Funding by 2021

The European Investment Bank is to stop funding oil and coal projects at the end of 2021. Since 2013, the European Union through the bank has funded 13.4 billion Euros for fossil fuel projects. In 2018, it was around 2 billion Euros. The Union has been reducing its funding to fossil fuel projects and is stopping by 2021.

Highlights

  • The EIB’s new policy demands that the energy projects applying for funding must prove that they can produce 1 Kilo watt hour of energy emitting less than 250 grams of carbon dioxide.
  • The new rules being adopted are not applicable to gas-based energy projects. However, gas projects should be based on the norms set by the bank for “new technologies”. The “new technologies” include carbon capture, combining heat and power generation, mixing in renewable gases with fossil fuels, etc.
  • The exemptions are made on gas projects as they are common in the EU member states. For the next 5 years, EU has over 200 billion USD worth projects planned.

EU aims to become first carbon-neutral continent by 2050.