The International Energy Agency (IEA) has just released a new special report called World Energy Investment Outlook that should send policy makers screaming and running for the exits—if they are willing to read between the lines and view the report in the context of current financial and geopolitical trends. This is how the press agency UPI begins its summary:
It will require $48 trillion in investments through 2035 to meet the world’s growing energy needs, the International Energy Agency said Tuesday from Paris. IEA Executive Director Maria van der Hoeven said in a statement the reliability and sustainability of future energy supplies depends on a high level of investment. “But this won’t materialize unless there are credible policy frameworks in place as well as stable access to long-term sources of finance,” she said. “Neither of these conditions should be taken for granted.”
Here’s a bit of context missing from the IEA report: the oil industry is actually cutting back on upstream investment. Why? Global oil prices—which, at the current $90 to $110 per barrel range, are at historically high levels—are nevertheless too low to justify tackling ever-more challenging geology. The industry needs an oil price of at least $120 per barrel to fund exploration in the Arctic and in some ultra-deepwater plays. And let us not forget: current interest rates are ultra-low (thanks to the Federal Reserve’s quantitative easing), so marshalling investment capital should be about as easy now as it is ever likely to get. If QE ends and if interest rates rise, the ability of industry and governments to dramatically increase investment in future energy production capacity will wane.
By Jessica Corbett
Green groups applauded Sen. Jeff Merkley on Wednesday for introducing a pioneering pair of bills that aim to "protect the long-term health and well-being of the American people and their economy from the catastrophic effects of climate chaos" by preventing banks and international financial institutions from financing fossil fuels.
<div id="815e9" class="rm-shortcode" data-rm-shortcode-id="eb5133bc08c84a247e6c577bb4c4ba59"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1318967338482364416" data-partner="rebelmouse"><div style="margin:1em 0">Yes! @SenJeffMerkley just introduced new legislation that would stop banks and other financial institutions from fu… https://t.co/Bk15N9Sewk</div> — Stop the Money Pipeline (@Stop the Money Pipeline)<a href="https://twitter.com/StopMoneyPipe/statuses/1318967338482364416">1603301293.0</a></blockquote></div>
<div id="f84b7" class="rm-shortcode" data-rm-shortcode-id="f6742078b73d4f72ad0cdb0b28c45bf8"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1318975843717287936" data-partner="rebelmouse"><div style="margin:1em 0">"When there’s an out of control fire, the worst thing you can do is pour more gas on it. It’s time for Congress ste… https://t.co/YfjbtiWeRY</div> — 350 dot org (@350 dot org)<a href="https://twitter.com/350/statuses/1318975843717287936">1603303321.0</a></blockquote></div>
<div id="f35ca" class="rm-shortcode" data-rm-shortcode-id="f0306ad9e315c3763299c349c4056f90"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1318969691767930880" data-partner="rebelmouse"><div style="margin:1em 0">BREAKING: @SenJeffMerkley just introduced new legislation that would help end the financing of fossil fuels! 👏👏👏 W… https://t.co/831xi0UPfo</div> — Moira Birss (@Moira Birss)<a href="https://twitter.com/moira_kb/statuses/1318969691767930880">1603301854.0</a></blockquote></div>
EcoWatch Daily Newsletter
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