Asia Rejects IEA Name To Cease Fossil Gas Funding – Watts Up With That?

Reposted by NOT MANY PEOPLE KNOW THAT

May 20, 2021

By Paul Homewood

Harrabin’s little dream didn’t last long then!

Asian energy officials on Wednesday denied the International Energy Agency’s (IEA) demand not to make new investments in oil, natural gas and coal for the world in order to achieve zero net carbon emissions by 2050, viewing this approach as too narrow .

The IEA, which had previously advocated the oil and gas industry, outlined a net zero emissions path this week that proposed halting new investments in oil, gas and coal supplies, coal-fired power plants in advanced economies by 2030 shut down and ban the sale of new internal combustion engines by 2035.

Energy companies in Australia, the largest per capita carbon emitter among the world’s richest nations, and officials in Japan and the Philippines said there are many ways to get to zero, even though the IEA said his path was “the most technically feasible, the cost-effective and socially acceptable “.

Akihisa Matsuda, deputy director of international affairs at Japan’s Ministry of Economy, Trade and Industry (METI), said the government has no plans to stop investing in oil, gas and coal immediately.

“The report proposes how the world can reduce greenhouse gas emissions to zero by 2050, but it is not necessarily in line with the policies of the Japanese government,” he said.

“Japan needs to protect its energy security, including a stable electricity supply, so we will align this with our goal of becoming carbon neutral by 2050.”

Japan was the region’s third largest carbon emitter after China and India in 2019, according to the BP Statistical Review of Energy.

“NO SIZE FITS EVERYONE”

Australia’s leading oil and gas industry and mining lobby groups said there is “no one size fits all” to decarbonization.

“The IEA report does not take into account future technologies and offsets for negative emissions from outside the energy sector – two things that are likely to happen that will enable important and necessary future development of oil and gas fields,” said Australian Petroleum Production and Exploration Association Chief Executive Andrew McConville said.

Australia’s largest independent gas producer, Woodside Petroleum (WPL.AX), said it plans to make a final investment decision for a $ 11 billion investment to develop a new gas field off Western Australia in late 2021.

“For its part, Woodside works with its customers, all of whom are located in countries that are committed to net zero, to ensure we can provide them with the energy they need to reach their decarbonization pathways,” said a Woodside -Speaker.

Australia on Wednesday allocated $ 600 million ($ 467 million) in tax dollars to build a new gas-fired power plant to support wind and solar power. Energy Secretary Angus Taylor said it was a pragmatic move. Continue reading

In the Philippines, where coal will remain the dominant source of energy for years even after new proposals for coal-fired power plants have been banned, Energy Minister Alfonso Cusi said that the energy transition should be “fuel and technology neutral”.

Cutting funding for oil, gas and coal without taking efficiency and competitiveness into account would “undermine the Philippines’ aspiration to join the higher middle income countries,” he said.

As the world converts to renewable energy, the demand for coal is expected to continue to be strong over the next few decades as some countries are still building new coal-fired power plants, said Hendra Sinadia, executive director of the Indonesia Coal Mining Association.

https://www.reuters.com/business/energy/asia-snubs-ieas-call-stop-new-fossil-fuel-investments-2021-05-19/?mc_cid=bd78d89ed6&mc_eid=4961da7cb1

Just the other day I wondered what planet Roger Harrabin was on after he and Matt McGrath treated this IEA report respectfully as if the rest of the world were taking the slightest notice. Now we know it’s not this one!

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