With an Energy Crisis Brewing, No Peak in Sight for Emissions

The EIA and IEA are out with projections for emissions and fossil fuel consumption. And they do not look good.

At our current political level, there is no peak in sight, according to EIA In 2050, we will probably see an increase in energy consumption of 50%. And while renewable energy sources will be the fastest growing new energy source, hydrocarbon liquid fuels will cover most of the demand.

This means that emissions can increase in 2050, without massive policy changes.

In July, the International Energy Agency released a similar analysis showing that carbon emissions will hit record levels in the coming years. And that spending packages around the world – even at the historical level – are still not enough.

How do we make sense of this sober analysis?

In addition, Wood Mackenzie is out with a new analysis of global energy storage trends, showing that storage facilities will triple this year. The majority of this growth comes from the Americas and China, which account for 70% of installations. What applications, technologies and markets will dominate this growth?

Finally, Europe is in a crisis heading for winter. Natural gas is the second most confused fuel in Europe and prices are 6 times higher than in the spring.

A coincidence of factors — rapidly rising demand at once, lower-than-expected production from Russia, low storage in Europe, lower-than-expected water and wind production — contributes to the problem.

What can alleviate the crisis? And is this straining Europe’s climate ambitions towards COP26?

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