The world’s carbon budget is shrinking and renewables are becoming the largest source of new power generation capacity. Backed by continued policy support, renewables are expected to overtake coal to become the largest global power source by 2030. However, renewable growth is currently not enough to meet demand. Fortunately, growth can be accelerated to meet climate goals through enhanced domestic policies, such as the recent US decision to extend the renewable tax credit.
For oil and gas, innovation gains can be offset by the move to more complex fields without a regulatory framework in place and a stable, predictive policy support are needed to ensure investments in low-carbon technologies.
Companies that do not anticipate stronger energy and climate policies risk being at a competitive disadvantage.By
Director, Directorate of Energy Markets and Security, International Energy Agency (IEA)
Keisuke Sadamori was appointed Director of the Energy Markets and Security Directorate on 3 September 2012. Prior to joining the IEA, Mr. Sadamori, a Japanese national, held many senior positions at the Japanese Ministry of Economy, Trade and…
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