More of the world will run on electricity in the future, but most of the power won’t be clean.
That’s the key message from the International Energy Agency’s latest report on investment trends released Tuesday. The Paris-based organisation said that electricity generation attracted more capital than oil and natural gas for the second year in a row, but investment in renewables declined and is expected to keep falling.
Running the economy on electricity is just one part of the energy transition. The question of where the power comes from is also key. Electrifying transport will reduce air pollution in cities, which is largely attributed to nitrogen oxide emissions from vehicles, but the issue will not ultimately be solved if they are simply replaced by carbon dioxide and other pollution from fossil-fuel power plants.
“Global investment in renewables and energy efficiency declined by about 3 per cent last year, and more importantly it could slow down once again this year,” Fatih Birol, the IEA’s executive director, said by telephone. “This is a worrying trend, especially when we think of our clean-energy transition goals and the implications for energy security, climate change and air pollution.”
The electricity industry attracted $750 billion in 2017, thanks to robust spending on grids. That’s compared with $715bn that flowed into oil and gas supply. About $298bn was invested in renewable power generation, down 7 per cent from the previous year.
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Read more:
World not on track to meet 2030 energy targets for sustainable development
Power systems based on 100% renewables is nor feasible or realistic
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A rise in electrification is expected across almost all sectors, from transport to heavy industry. The IEA said earlier this year that it projects the global fleet of electric vehicles will more than triple by 2020. Global sales of electric cars totaled $43bn in 2017.
The share of fossil fuels in the global energy supply rose for the first time since 2014 to just under 60 per cent, as spending rose in oil and gas and new power plants were built out in Asia. The sector attracted $132bn of investment.
Globally, coal has declined, but there are still at least 30 gigawatts of new plants about to be constructed, largely in developing countries. The average age of a coal plant in Asia is 11 years old, compared to 40 in Europe and the US, so existing plants will also be operating for decades to come.
While some of the decline in renewables investment can be attributed to the ongoing plummet in equipment costs such as solar panels and wind turbines, growth in capacity additions was also lower, according to Mr Birol. This is due to changes in government policy, he said.
“This is mainly a result of the investors seeing political uncertainty,” he said. “Therefore there are hesitations from investors in part to put money in the renewables sector.”
China, the world’s largest market for renewables, recently amended its policy on solar photovoltaics, slashing domestic installations. This move may cause the price of modules to tumble as much as 35 per cent by the end of the year, according to estimates from Bloomberg NEF analysts.
RACECARD
4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m
Monster Hunter: World
Capcom
PlayStation 4, Xbox One
THE SPECS
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Jawan
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Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
THE DETAILS
Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5
The biog
Favourite book: Men are from Mars Women are from Venus
Favourite travel destination: Ooty, a hill station in South India
Hobbies: Cooking. Biryani, pepper crab are her signature dishes
Favourite place in UAE: Marjan Island
COMPANY%20PROFILE
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Armies of Sand
By Kenneth Pollack (Oxford University Press)