Agri Kultuur September / September 2016 - Page 48

Kieran Cooke Climate NewsNetwork https://upload.wikimedia.org/wikipedia/commons/9/9d/Deepwater_Horizon_offshore_drilling_unit_on_fire_2010.jpg work of the U.S. federal government, the image is in the public domain Energy experts say global investment patterns show a spectacular shift, with renewables on the rise and support for fossil fuels in sharp decline. A revolution is taking place in the global energy sector, with investments in oil and gas declining by 25% in 2015 while energy produced from renewables rose by more than 30%. “We have never seen such a decline [in oil and gas investment]”, said Dr Fatih Birol, executive director of the International Energy Agency (IEA), at the London launch of its first ever report into world energy investment. “Our findings carry a very important message for climate change and for the Paris agreement. Anyone who does not understand what is going on – governments, companies, markets – is not in the right place.” Replacing fossil fuels with renewable energies is seen as vital in the battle against climate change. The IEA, which focuses on issues of energy security, says that overall investment in the global energy sector declined by 8% in 2015 to US$1.8 trillion. Fossil fuels products In part, the decline in investments in oil and gas was due to the lower costs of crude oil and other products of the fossil fuels industry. Although investment in renewables has been more or less the same in each of the last four years, increased efficiencies and lower capital costs resulted in a third more electricity being produced from these technologies in 2015. “A major shift in investment towards low carbon sources of power generation is under way,” the IEA report says. “Fossil fuels continue to dominate energy supply, but the composition of investment flows points to a reordering of the system.” Lazlo Varro, an IEA re- Jürgen from Sandesneben, Germany https://commons.wikimedia.org/wiki/File:Alternative_Energies.jpg