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Oil Demand and Supply Reaches Landmark 100 Million Barrels a Day
Neither demand nor supply shows signs of ceasing to grow any time soon, the Paris-based organization said.
The oil market report is a sobering reminder that the world remains deeply entrenched in fossil fuels, despite clear scientific evidence—including this week's dire climate report from the United Nations' scientific panel—that increasing carbon dioxide emissions could cause catastrophic climate change.
"In fact, production has surged, led by the US shale revolution, and supported by big increases in Brazil, Canada and elsewhere," the IEA said. "There is no peak in sight for demand either. The drivers of demand remain very powerful, with petrochemicals being a major factor."
Last week, the IEA released a study that found that rising living standards, particularly in developing countries, will drive a demand in petrochemicals, not fuels. Petrochemicals, which create products such as plastics, fertilizers and packaging, will account for more than 33 percent of oil demand growth globally by 2030, the study said.
However, with oil prices now above $80 per barrel and oil, gas and coal trading at multi-year highs, the IEA warned in today's market report that "expensive energy is back ... and it poses a threat to economic growth."
The United Nations' climate change report, authored by the Intergovernmental Panel on Climate Change, says urgent global action is needed to keep global warming under 1.5°C—a limit that is achievable if we rapidly reduce the use of fossil fuels and transition to increasingly affordable renewable energy.
A January report from the International Renewable Energy Agency—the IEA's renewable energy counterpart—found that renewables have emerged as an increasingly competitive way to meet new power generation needs, and they are expected to be consistently cheaper than fossil fuels in just a few years.
The question is, when will this oil addiction cease? The globe's consumption of 100 million barrels per day is more than twice what it was 50 years ago, Reuters reported last month, adding that demand is rising by up to 1.5 percent a year.
"There is no consensus on when world oil demand will peak but it is clear much depends on how governments respond to global warming," Reuters wrote.
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By Will Sarni
It is far too easy to view scarcity and poor quality of water as issues solely affecting emerging economies. While the images of women and children fetching water in Africa and a lack of access to water in India are deeply disturbing, this is not the complete picture.
The Past is No Longer a Guide to the Future
We get ever closer to "day zeros" — the point at when municipal water supplies are switched off — and tragedies such as Flint. These are not isolated stories. Instead they are becoming routine, and the public sector and civil society are scrambling to address them. We are seeing "day zeros" in South Africa, India, Australia and elsewhere, and we are now detecting lead contamination in drinking water in cities across the U.S.
"Day zero" is the result of water planning by looking in the rear-view mirror. The past is no longer a guide to the future; water demand has outstripped supplies because we are tied to business-as-usual planning practices and water prices, and this goes hand-in-hand with the inability of the public sector to factor the impacts of climate change into long-term water planning. Lead in drinking water is the result of lead pipe service lines that have not been replaced and in many cases only recently identified by utilities, governments and customers. An estimated 22 million people in the US are potentially using lead water service lines. This aging infrastructure won't repair or replace itself.
One of the most troubling aspects of the global water crisis is that those least able to afford access to water are also the ones who pay a disproportionately high percentage of their income for it. A report by WaterAid revealed that a standard water bill in developed countries is as little as 0.1 percent of the income of someone earning the minimum wage, while in a country like Madagascar a person reliant on a tanker truck for their water supply would spend as much as 45 percent of their daily income on water to get just the recommended daily minimum supply. In Mozambique, families relying on black-market vendors will spend up to 100 times as much on water as those reached by government-subsidized water supplies.
Finally, we need to understand that the discussion of a projected gap between supply and demand is misleading. There is no gap, only poor choices around allocation. The wealthy will have access to water, and the poor will pay more for water of questionable quality. From Flint residents using bottled water and paying high water utility rates, to the poor in South Africa waiting in line for their allocation of water — inequity is everywhere.
Water Inequity Requires Global Action — Now.
These troubling scenarios beg the obvious question: What to do? We do know that ongoing reports on the 'water crisis' are not going to catalyze action to address water scarcity, poor quality, access and affordability. Ensuring the human right to water feels distant at times.
We need to mobilize an ecosystem of stakeholders to be fully engaged in developing and scaling solutions. The public sector, private sector, NGOs, entrepreneurs, investors, academics and civil society must all be engaged in solving water scarcity and quality problems. Each stakeholder brings unique skills, scale and speed of impact (for example, entrepreneurs are fast but lack scale, while conversely the public sector is slow but has scale).
We also urgently need to change how we talk about water. We consistently talk about droughts happening across the globe — but what we are really dealing with is an overallocation of water due to business-as-usual practices and the impacts of climate change.
We need to democratize access to water data and actionable information. Imagine providing anyone with a smartphone the ability to know, on a real-time basis, the quality of their drinking water and actions to secure safe water. Putting this information in the hands of civil society instead or solely relying on centralized regulatory agencies and utilities will change public policies.
Will Sarni is the founder and CEO of Water Foundry.
Note: This post also appears on the World Economic Forum.
Reposted with permission from our media associate Circle of Blue.
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- Mice exposed to nicotine-containing e-cigarette vapor developed lung cancer within a year.
- More research is needed to know what this means for people who vape.
- Other research has shown that vaping can cause damage to lung tissue.
A new study found that long-term exposure to nicotine-containing e-cigarette vapor increases the risk of cancer in mice.
Six months: That's how much time Mexico now has to report on its progress to save the critically endangered vaquita porpoise (Phocoena sinus) from extinction.
It may seem innocuous to flush a Q-tip down the toilet, but those bits of plastic have been washing up on beaches and pose a threat to the birds, turtles and marine life that call those beaches home. The scourge of plastic "nurdles," as they are called, has pushed Scotland to implement a complete ban on the sale and manufacture of plastic-stemmed cotton swabs, as the BBC reported.
By Tim Radford
Scientists in the U.S. have added a new dimension to the growing hazard of extreme heat. As global average temperatures rise, so do the frequency, duration and intensity of heatwaves.
Oscar-award winning actress and long-time political activist Jane Fonda was arrested on the steps of Capitol Hill in Washington, DC on Friday for peacefully protesting the U.S. government's inaction in combating the climate crisis, according to the AP.
By Caroline Hickman
I'm up late at night worrying that my baby brothers may die from global warming and other threats to humanity – please can you put my mind at rest? – Sophie, aged 17, East Sussex, UK