The drop in Russian fossil fuel exports after the invasion of Ukraine will change the global energy landscape for decades. The IEA's annual World Energy Outlook acknowledges the hit to the economy from reduced supplies of Russian oil, gas and coal. The short-term gap created by the reduction in Russia's fossil fuel supply needs to be filled elsewhere. The strongest candidates are "short lead-time" projects that can quickly bring oil and gas supplies to market. The International Energy Agency (IEA) predicts that by 2030 Russia's share of the global energy market will fall from around 20% today to below 10%. For the first time, demand for each fossil fuel has peaked or plateaued, the IEA said.
Japan's power sector is under unprecedented pressure due to its heavy reliance on fossil fuels. A transition to renewable energy could free Japan from its history of high electricity bills, leading to lower prices, greater stability and greater energy security. Japan must increase carbon pricing to at least $30 per ton of carbon dioxide, while immediately closing existing loopholes that allow green money to be diverted to unproven and inefficient fossil fuel technologies.
Singapore has lowered its forecast for carbon dioxide emissions to 2030 and will reach peak emissions earlier. Deputy Prime Minister Lawrence Wong said the city-state aims to achieve net-zero emissions by 2050. The country had previously targeted a peak of 65 million tonnes of carbon dioxide equivalent in 2030.
Borosil Renewables Ltd, India's first and only solar glass manufacturer, announced that it has acquired an 86% stake in InterFloat Group. The Interfloat Group consists of two companies - GMB Glasmanufaktur Brandenburg GmbH (GMB), headquartered in Tschernitz, Germany, and Interfloat Corporation, headquartered in Liechtenstein. The company said it aims to strengthen the market leadership that Interfloat has established by more effectively meeting the needs of European customers.
Asia's richest man, Gautam Adani, is in exploratory talks for a large-scale renewable energy project in Morocco. The project aims to provide Europe with electricity and emission-free fuels. This could be Adani's largest clean energy development outside India, with a potential capacity of up to 10 gigawatts.
Conclave provides stakeholders with ideas for investing in future infrastructure projects, programs, government strategies and market-leading innovations. The conference is designed to be a discussion and networking platform for industry representatives, policy makers, business leaders, academics, researchers, professionals, administrators and education leaders. India currently consumes about 4.44 million barrels of crude oil per day, of which 3.43 million barrels (nearly 88%) are imported.