The presentation of the World Energy Outlook 2016 by Executive Director Dr. Fatih Birol was organised in Brussels on Fri, Feb 3th, 2017 by the FPS Economy of Belgium.
We noted the following remarkable conclusions:
- Energy security remains of utmost importance in today’s world. This is true for all energy carriers like electricity, gas, oil,… Renewable energy is not to be forgotten when it comes to energy security.
- The oil market is likely to see a lot of volatility in the coming years – the investments in e.g. oil exploration are decreasing 2 years in a row, this could be a sign of a changing supply – demand balance.
- LNG is growing worldwide. This will have an impact on the gas market.
- Renewable energy policies should pay more attention to heat and transport.
- The Paris Agreement was a positive sign, but it does not contain (legal) sanctions – therefore it remains up to the signing countries to go into actions.
- If all current energy projects & policies as known until 2040 are carried out, the worldwide temperature increase is expected to reach as far as 2,7°C – which is more than the Paris Agreement.
- The level of subsidies of oil/gas/coal is estimated to be 3 times the subsidy level of renewable energy. This places question marks with the World’s pursuit of the energy transition.
More information on https://www.iea.org/.