World Energy Outlook 2009 Edition
The time has come to make the hard choices needed to combat climate change and enhance global energy security, says the latest IEA World Energy Outlook
Since WEO-2008, the economic downturn has led to a drop in energy use, CO2 emissions and energy investment. Is this an opportunity to arrest climate change or a threat that any economic upturn might be stifled at birth?
What package of commitments and measures should the climate negotiators at Copenhagen put together if they really want to stop global temperatures rising? How much would it cost? And how much might the developed world have to pay to finance action elsewhere?
How big is the gas resource base and what is the typical pattern of production from a gas field? What does the unconventional gas boom in the United States mean for the rest of the world? Are we headed for a global gas glut? What role will gas play in the future energy mix? And how might the way gas is priced change?
All these questions and many others are answered in WEO-2009. The data are extensive, the projections more detailed than ever and the analyses compelling.
- 29 January 2009, Dow Jones
World Economic Forum: Oil industry might face future supply problems
Concern is rising at the World Economic Forum in Davos that the oil industry is facing a deeper set of financial ailments and future supply problems. “We are getting ourselves into a serious situation in the oil sector,” said IEA Chief Economist Fatih Birol. “Smaller oil companies have been hit by credit problems and lower prices and we are seeing it now with big companies.” He estimates that around USD 100 billion worth of oil and natural drilling projects have been either delayed or cancelled over the past year.
- 25 May 2009, Reuters
21-percent slide in energy investment in 2009
As a consequence of the world wide economic crisis, IEA Chief Economist Fatih Birol predicts a significant investment decline in the global energy sector. “Our calculations show that investment in oil and gas exploration in 2009 will drop by 21 percent from 2008, that is by USD 100 billion.” He reiterated that oil prices could surge back to the record high of summer 2008 once the economy recovers and energy demand increases, leading to supply lags as a result of insufficient capacity.
- 21 September 2009, Financial Times
Reporting on the forthcoming IEA study on climate change to be published in Bangkok 6 October, an early excerpt of the World Energy Outlook 2009, the newspaper quotes the Agency's Chief Economist Fatih Birol as saying that the financial crisis will lead to a "surprising" and "significant decline" in greenhouse gas emissions this year. "We have a new situation, ith the changes in energy demand and the postponement of many energy investments," he said and added: "But this only has meaning if we can make use of this unique window of opportunity. (That means) a deal in Copenhagen," at the UN climate change conference in December.
- 14 October 2009, United States Secretary of Energy, Dr. Steven Chu
US Secretary of Energy Dr. Chu, speaking at the IEA Ministerial Meeting held in Paris on 14-15 October, quoted IEA Chief Economist Fatih Birol's statement about fossil fuel subsidies and said "IEA will play a critical role in helping nations phase out subsidies on fossil fuels"
- 15 October 2009, Yvo de Boer, Executive Secretary United Nations Framework Convention on Climate Change
In the message sent to the IEA Ministerial held in Paris 14-15 October 2009, Mr. Yvo De Boer, Executive secretary of UNFCCC stated : "The WEO 2009 presents the most up to date, comprehensive analysis of how the energy sector can deliver on a climate change deal in Copenhagen. It is also the first analysis that includes the impact of the financial and economic crisis on this sector and its emissions. Four clear and compelling messages emerge from the report".
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- 12 November 2009, Ms M.J.A. van der Hoeven, the Netherlands Minister of Economic Affairs
Speaking at the World Energy Outlook 2009 presentation in The Hague, Ms M.J.A. van der Hoeven, the Netherlands Minister of Economic Affairs, said: "This edition of the World Energy Outlook again has important messages, I only highlighted two of them. Let me end by complimenting Mr. Tanaka and Mr. Birol with yet another outstanding publication. The World Energy Outlook exists since 1993, so this is the 17th edition. Over the last 10 years Mr. Fatih Birol has been responsible for what has indeed become IEA's flagship publication. Mr. Birol, I would like to congratulate you on this anniversary and present you with a small token of my appreciation." Read Minister Speech