Asia questioned the International Energy Agency’s call to curb new oil, gas, and coal investment | International News Business & Economic News

Asia questioned the International Energy Agency’s call to curb new oil, gas, and coal investment | International News Business & Economic News



The International Energy Agency outlined the path to net zero emissions this week, but some Asian countries and companies have backed down.

Asian energy officials objected to the call from the International Energy Agency (IEA) on Wednesday, believing that there is no new oil, natural gas and coal investment in the world until 2050 to achieve zero carbon net emissions, and that this approach is too narrow.

The International Energy Agency (IEA), which has previously advocated for the oil and gas industry, outlined this week the road to net zero emissions. The proposal recommends stopping new investment in oil, natural gas and coal supplies and phasing out fuel in developed economies by 2030. Coal power plants, and prohibit the sale of more new internal combustion engine vehicles by 2035.

Australia’s energy companies have the largest carbon emissions per capita among the wealthiest countries in the world. Officials in Japan and the Philippines have stated that there are many ways to achieve net zero emissions, although the IEA stated that its approach is “the most technically feasible and the most costly. “. -Effective and acceptable in society”.

Akihisa Matsuda, deputy director of international affairs at the Japanese Ministry of Economy, Trade and Industry said that the Japanese government has no plans to immediately stop investment in oil, natural gas and coal.

He said: “The report puts forward a recommendation on how the world can reduce greenhouse gas emissions to zero net value by 2050, but this may not necessarily be in line with the Japanese government’s policy.”

“Japan needs to protect its energy security, including a stable power supply, so we will strike a balance between achieving the goal of achieving carbon neutrality by 2050.”

According to the “BP Statistical Review of World Energy”, Japan is the third largest carbon emitter in the region in 2019, after China and India.

“There is no one for everyone”

Australia’s largest oil and gas industry and mining lobby group said that there is “no panacea” for decarbonization.

“The International Energy Agency’s report did not consider future negative emission technologies and external offsets from the energy sector. Two things are likely to happen and will make the future of oil and gas fields vital and necessary development,” the Australian Petroleum Production and Exploration Association CEO Andrew McConnell said.

Woodside Petroleum, Australia’s largest independent natural gas producer, said it still intends to make a final investment decision to develop new gas fields outside Western Australia in the second half of 2021 with an investment of A$11 billion.

A Woodside spokesperson said: “For its part, Woodside is working with customers, all of whom are committed to achieving zero carbon emissions countries, to ensure that we can provide them with the energy they seek to The way to achieve their decarbonization.”.

Australia pledged on Wednesday to provide taxpayers with 600 million Australian dollars ($464 million) in taxpayer funds for the construction of a new gas-fired power station to support wind and solar power generation. Energy Secretary Angus Taylor (Angus Taylor) said this is a pragmatic move.

Philippine Energy Secretary Alfonso Cusi stated that even after the proposal to ban new coal-fired power plants, coal will still be the main source of power in the Philippines for many years, and the energy transition should be “fuel and technology neutral.” .

He said that cutting oil, gas and coal financing without considering efficiency and competitiveness will “frustrate the Philippines’ desire to join the ranks of high-income countries.”

Hendra Sinadia, executive director of the Indonesian Coal Mine Association, said that although the world is turning to renewable energy, as some countries are still building new coal-fired power plants, the demand for coal is expected to continue in the next few decades. Strong.


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