NewBase 28 March 2024 Energy News issue - 1711 by Khaled Al Awadi.pdf

Copyright © 2024 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 1
NewBase Energy News 28 March 2024 No. 1711 Senior Editor Eng. Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Power capacity additions reached 473 gigawatts in 2023, but
progress needs to be equitable: IRENA
ABU DHABI, 27th March, 2024 (WAM)
Renewable Capacity Statistics 2024 released by the International Renewable Energy Agency
(IRENA) today shows that 2023 set a new record in renewables deployment in the power sector by
reaching a total capacity of 3 870 Gigawatts (GW) globally.
Renewables accounted for 86 percent of capacity additions; however, this growth is unevenly
distributed across the world, indicating a trend far from the tripling renewable power target by 2030.
The 473 GW of renewables expansion was led once again by Asia with a 69 percent share (326
GW). This growth was driven by China, whose capacity increased by 63 percent, reaching 297.6
GW.
This reflects a glaring gap with other regions, leaving a vast majority of developing countries behind,
despite massive economic and development needs. Even though Africa has seen some growth, it
paled in comparison with an increase of 4.6 percent, reaching a total capacity of 62 GW.
IRENA Director-General, Francesco La Camera said, “This extraordinary surge in renewable
generation capacity shows that renewables are the only technology available to rapidly scale up the
energy transition aligned with the goals of the Paris Agreement.
Nevertheless, the data also serves as a telltale sign that progress is not moving fast enough to add
the required 7.2 TW of renewable power within the next seven years, in accordance with IRENA’s
World Energy Transitions Outlook 1.5°C Scenario.”
ww.linkedin.com/in/khaled-al-awadi-80201019/

He added, “Policy interventions and a global course-correction are urgently needed to effectively
overcome structural barriers and create local value in emerging market and developing economies,
many of which are still left behind in this progress. The patterns of concentration in both geography
and technology threaten to intensify the decarbonisation divide and pose a significant risk to
achieving the tripling target.”
For China, solar and wind’s increasing competitiveness against coal and gas power generation
became the key driver of renewable power development. Meanwhile in the EU, enhanced policy
focus and heightened energy security concerns have become the main catalysts for the rapid
growth, apart from the increasing
cost-competitiveness of renewables
against fossil fuel alternatives.
Other regions that saw significant
expansion were the Middle East at a
16.6 percent increase and Oceania
at a 9.4 percent increase. The G7
countries as a group increased by
7.6 percent, adding 69.4 GW last
year. The G20 nations on the other
hand increased their capacity by
15.0 percent, reaching 3084 GW by
2023. However, for the world to
reach over 11 TW for the tripling
target requires the G20 members
alone to reach 9.4 TW of renewable power capacity by 2030.
With solar energy continuing to dominate renewable generation capacity expansion, the report
underscores that the growth disparity did not only affect geographical distribution but also the
deployment of technologies. Solar accounted for 73 percent of the renewable growth last year,
reaching 1 419 GW, followed by wind power with a 24 percent share of renewable expansion.
IRENA’s 1.5°C Scenario recommends a massive scaling up of financing and strong international
collaboration to speed up the energy transition, putting developing countries as key priority.
Investments are needed in power grids, generation, flexibility and storage. The pathway towards
tripled renewable power capacity by 2030 requires a strengthening of institutions, policies and skills.
Technology highlights:
 Solar energy: solar photovoltaics increased by 345.5 GW last year, while concentrated solar power
increased by 0.3 GW. China alone added 216.9 GW to the total expansion.
 Renewable hydropower (excluding pumped hydro): capacity reached 1 270 GW, with expansion lower
than in recent years. Australia, China, Colombia and Nigeria added more than 0.5 GW each.
 Wind energy: wind grew at an increased rate of 13 percent, following behind solar energy. By the end of
2023, total wind capacity reached 1017 GW. Expansion was dominated by China and the United States.
 Bioenergy: expansion continued to slow with a 3 percent increase, adding 4.4 GW compared to 6.4 GW
in 2022. After China, major increases took place in Japan, Brazil and Uruguay.
 Geothermal energy: geothermal energy increased by a very modest 193 MW, led by Indonesia.
 Off-grid electricity: capacity – in regions outside Europe, North America and Eurasia - grew by 4.6
percent, reaching 12.7 GW, dominated by off-grid solar energy which reached 5 GW by 2023.

UAE: Adnoc starts oil production at Belbazem offshore block
The National Fareed Rahman + NewBase
Adnoc has started oil and gas production from its Belbazem offshore block as the oil
company continues to boost output to reach five million barrels per day by 2027 and attain self-
sufficiency in gas for the UAE by using lower carbon technology.
The production capacity at the Belbazem block is expected to rise to 45,000 bpd of light crude and
27 million standard cubic feet per day (mmscfd) of associated gas, Adnoc said on Wednesday.
Belbazem block, which consists of the Belbazem, Umm Al Salsal and Umm Al Dholou offshore
fields, is operated by Al Yasat Petroleum, a joint venture between Adnoc and China National
Petroleum Corporation. It is located 120km north-west of Abu Dhabi city.
The start of crude oil production is “testament to the success of our strategic partnership with CNPC
and the robust bilateral energy relationship between the UAE and China”, said Abdulmunim Al
Kindy, Adnoc upstream executive director.
“Adnoc continues to maximise value from Abu Dhabi’s resources, while reducing our carbon
footprint to ensure a secure, reliable, and responsible supply of energy to customers locally and
internationally.”
Adnoc is investing heavily as it aims to achieve net zero by 2045. The company has allocated $23
billion to invest in a variety of projects up to 2030 as it focuses on its low-carbon growth strategy.
These projects include clean power, carbon capture and storage, further electrification of
operations, energy efficiency and new measures to build on its policy of zero routine gas flaring.

Adnoc is developing the Belbazem block by using the facilities of an adjacent offshore field, resulting
in cost savings and reduced environmental effects, it said.
Artificial intelligence tools and other digital technologies are also being used at the block, according
to the company. Adnoc is increasingly using AI solutions to boost efficiency and reduce emissions
in its operations.
Last year, the energy company generated $500 million as it focused on integrating more than 30 AI
tools across its full value chain, from field operations to corporate decision-making, the company
said this month.
The applications also abated up to one million tonnes of carbon dioxide emissions between 2022
and 2023, which is equal to removing about 200,000 petrol-powered cars from the roads.
“[AI] is one of the most important economic and social game changers of our era and it can play a
crucial role in accelerating a just, orderly and equitable energy transition,” said Dr Sultan Al Jaber,
Minister of Industry and Advanced Technology, and managing director and group chief executive of
Adnoc.
“At Adnoc, we have integrated artificial intelligence across our operations, from the control room to
the boardroom, and it is enabling us to make smarter decisions and better protect our people and
the environment."
Adnoc was also the largest spender on low-carbon solutions among national oil companies last
year, according to an Energy Intelligence report.
Output capacity at the site is expected to rise to 45,000 bpd of light crude
and 27 mmscfd of associated gas

U.S. natural gas production grew by 4% in 2023, similar to 2022
U.S. EIA, Drilling Productivity Report, Monthly Crude Oil and Natural Gas Production Report, and Natural Gas Monthly
U.S. natural gas production grew by 4% in 2023, or 5.0 billion cubic feet per day (Bcf/d), to average
125.0 Bcf/d, according to our Natural Gas Monthly. The Natural Gas Monthly was recently updated
with natural gas production data through December 2023.
In 2023, three regions—Appalachia, Permian, and Haynesville—accounted for 59% of all natural
gas production in the United States, similar to 2022, based on our Drilling Productivity
Report (DPR). The DPR measures gross natural gas withdrawals in select onshore regions.
By contrast, we expect a modest production contraction in 2024; dry natural gas production is
forecast to average about 103 Bcf/d, according to our Short-Term Energy Outlook, because of low
natural gas prices and a relatively stable rig count.
Data source: U.S. Energy Information Administration, Drilling Productivity Report, Monthly Crude
Oil and Natural Gas Production Report, and Natural Gas Monthly
In 2023, more natural gas was produced in the Appalachia region of the Northeast than in any other
U.S. region, accounting for 29%, or 37.7 Bcf/d, of gross natural gas production. However, production
growth in Appalachia has slowed because the region doesn’t have enough pipeline takeaway
capacity to transport more natural gas out of the region to demand markets. In 2022, the Northeast
didn’t have any new major pipeline capacity additions.
According to our latest pipeline tracker, all interstate pipeline projects in 2023 were for upgrades to
existing lines or compressors. In 2023, gross natural gas production in Appalachia grew by 3%, or
1.2 Bcf/d.

The Permian region in western Texas and New Mexico produces the second-most U.S. natural gas,
accounting for 19% of production in the United States. In 2023, gross natural gas production in the
Permian rose by 2.6 Bcf/d to average 23.3 Bcf/d.
In the Permian region, unlike the Appalachia and Haynesville regions, growth in natural gas
production is primarily the result of associated gas produced during oil production. West Texas
Intermediate (WTI) crude oil prices remained high enough in 2023 to support oil-directed drilling in
the Permian region.
The average breakeven price in the Permian region during 2023 ranged from $58 per barrel (b) to
$61/b, according to data from a Dallas Fed Energy survey, but WTI crude oil prices averaged $78/b
in 2023.
In 2023, the Haynesville region, in Louisiana and Texas, accounted for 13%, or 16.8 Bcf/d, of gross
natural gas withdrawals, a 1.4 Bcf/d increase from 2022. In 2022, natural gas production in the
Haynesville region had grown by 2.1 Bcf/d.
Natural gas production growth in the Haynesville slowed in 2023 because low U.S. natural gas
prices decreased rig activity in the region. Producers averaged 49 active rigs per month in the
Haynesville in 2023, compared with 55 active rigs in 2022. The higher relative cost to produce
natural gas in the Haynesville region played a role in reducing rig activity and subsequently slowing
production growth in 2023.
Natural gas production costs depend on many factors, including the cost of drilling wells. The
Haynesville formation is 10,500 feet to 13,500 feet deep, which is much deeper than other
formations, such as the Marcellus in the Appalachia region, which is 4,000 to 8,500 feet deep.
Because the deeper wells make drilling wells in the Haynesville more expensive than in the
Marcellus and other shale plays, natural gas prices have to be relatively high to make drilling
economical. The Henry Hub spot price averaged $2.54 per million British thermal units (MMBtu) in
2023 compared with $6.42/MMBtu in 2022.

NewBase March 28-2024 Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Oil prices advance as investors reassess US inventories data
Reuters + NewBase
- Oil prices edged up on Thursday, following two consecutive sessions of decline, as investors
reassessed the latest data on U.S. crude oil and gasoline inventories and returned to buying mode.
Brent crude futures for May were up 31 cents, or 0.4%, at $86.40 a barrel while the more actively
traded June contract rose 32 cents, or 0.4%, to $85.73 at 0415 GMT. The May contract expires on
Thursday.
U.S. West Texas Intermediate (WTI) crude futures for May delivery were up 39 cents, or 0.50%, to
$81.74 a barrel.
Both benchmarks were on track to finish higher for a third consecutive month, and were up about
4.5% from last month.
In the prior session, oil prices were pressured following last week's unexpected rise in U.S. crude
oil and gasoline inventories, driven by a rise in crude imports and sluggish gasoline demand,
according to Energy Information Administration data.
Oil price special
coverage

However, the crude stock increase was smaller than the build projected by the American Petroleum
Institute.
"We... expect U.S. inventories to rise less than normal in reflection of a global oil market in a slight
deficit," Bjarne Schieldrop, chief commodities analyst at SEB Research, said in a note.
"This will likely hand support to the Brent crude oil price going forward."
Also providing support to prices were U.S. refinery utilisation rates, which rose 0.9 percentage points
last week.
Recent disappointing inflation data affirms the case for the U.S. Federal Reserve to hold off on
cutting its short-term interest rate target, a Fed governor said on Wednesday, but he did not rule out
trimming rates later in the year.
"The market is converging on a June start to cuts for both the Fed and the European Central Bank,"
JPMorgan analysts said in a note. Lower interest rates support oil demand.
Investors will watch for cues from a meeting next week of the Joint Monitoring Ministerial Committee
of producer group the Organisation of Petroleum Exporting Countries (OPEC) amid supply concerns
over geopolitical risks.
OPEC+ is unlikely to make any oil output policy changes until a full ministerial gathering in June,
but any sign of members not sticking to current production quotas will be viewed as bearish, analysts
at ANZ Research said.
"The lack of a ceasefire deal between Israel and Hamas continues to keep tension in the Middle
East elevated," ANZ said.

Russia orders companies to cut oil output to meet OPEC+ target
Reuters + NewBase
Russia's government has ordered companies to reduce oil output in the second quarter to ensure
they meet a production target of 9 million barrels per day (bpd) by the end of June in line with its
pledges to OPEC+, three industry sources said on Monday.
Earlier this month, Russian Deputy Prime Minister Alexander Novak said that Russia would cut its
oil output and exports by an additional 471,000 barrels per day (bpd) in the second quarter, in
coordination with some members of the Organization of the Petroleum Countries and allied
producers (OPEC+).
An employee inspects a well head in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK),
in Irkutsk Region, Russia
Russia plans to gradually ease the export cuts and focus on only reducing output. Novak has not
provided the targeted level for output, but production would drop to almost 9 million bpd in June if
the reduction is implemented as planned.
The sources, who declined to be named because they were not authorised to speak publicly, said
the government had given specific targets to each company, indicating its intention to meet its
OPEC+ pledge to cut output to support international oil prices.
Russia's Energy ministry declined to comment. Alexander Novak's press office did not reply to
Reuters' request for comment.
Reuters sources said the production cuts would facilitate a seasonal peak in maintenance at
refineries, many of which had already reduced fuel production as a result of outages and Ukrainian
drone attacks.
Novak late last month (Feb-2024) said Russian oil output was 9.5 million bpd.

Russian oil and gas condensate production have declined from an annual peak of 11.7 million bpd
in 2019 to around 10.8 million in recent months as a result of coordinated actions with OPEC.
Russia decided not to disclose statistics on crude oil production as it treated large amounts of data
as classified following the start of what it calls a special military operation in Ukraine in February
2022.
Russian oil production in April, May and June is set to fall by around 3.6%, 4.1% and 4.9%
respectively from March, in line with Russia's promises to voluntary reduce production, the data
provided by sources and Reuters calculations showed.
Novak has said Russia will reduce output by an extra 350,000 bpd in April, with exports will be cut
from March levels by 121,000 bpd. In May, output will be cut by 400,000 bpd and exports by another
71,000 bpd. In June, all the additional cuts will be from oil output.
That does not include production of gas condensate, a type of very light oil, which in 2023 was
around 1.3 million bpd.

NewBase Specual Coverage
The Energy world –March 28 -2024
CLEAN ENERGY
Renewable energy growth sets new record in 2023 but more
needed to hit 2030 target
IRENA + The National + NewBase
Global renewable energy deployment set a record in 2023 as transition efforts continued, but it fell
short of levels required to triple capacity by 2030, according to the International Renewable Energy
Agency (Irena).
Renewable energy capacity in the power sector grew by 473 gigawatts from 2022 to 3,870 gigawatts
last year, the Abu Dhabi-based agency said in a report on Wednesday.
Although renewables accounted for 86 per cent of total capacity additions in the energy sector
globally, compared to 84 per cent in 2022, the growth was unevenly distributed across the world,
the agency said.
The Middle East recorded its highest renewable capacity expansion last year, up 16.6 per cent
annually, Irena report finds
“This extraordinary surge in renewable generation capacity shows that renewables are the only
technology available to rapidly scale up the energy transition aligned with the goals of the Paris
Agreement,” said Francesco La Camera, Irena’s director-general.

“Nevertheless, the data also serves as a telltale sign that progress is not moving fast enough to add
the required 7.2 terawatts of renewable power within the next seven years,” Mr La Camera added.
The Middle East last year recorded its highest renewable capacity expansion on record, up 16.6 per
cent annually, with 5.1 gigawatts of new capacity commissioned last year.
Total capacity is currently at 36 gigawatts, with the region accounting for 0.9 per cent global share.
Overall, Asia accounted for the biggest expansion of renewable energy capacity last year, making
up about 69 per cent of the total increase.
The region grew its renewable capacity by 327.8 gigawatts to reach 1,961 gigawatts, accounting for
50.7 per cent of the global total.
China, the world’s second-largest economy, played a significant role in this expansion, with its
capacity increasing by 63 per cent to reach about 298 gigawatts.
The rising competitiveness of solar and wind energy compared with coal and natural gas has driven
renewable power development in the country, Irena said.
Capacity in Europe and North America expanded by 71.2 gigawatts (up 10 per cent) and 34.9
gigawatts (up 7 per cent), respectively.
Renewable energy capacity growth in the EU was supported by policy focus and energy security
concerns, alongside the improving cost-competitiveness of renewables versus fossil fuels, Irena
said.
As a group, the G7 countries increased their capacity by 7.6 per cent, adding 69.4 gigawatts last
year. Meanwhile, the G20 nations boosted their capacity by 15 per cent, reaching 3,084 gigawatts.

Oceania's installed capacity increased by 9.4 per cent, largely due to Australia, while South America
reported expansion of 8.4 per cent annually. Africa also recorded modest renewable energy
capacity increase of 4.6 per cent, resulting in a total capacity of 62 gigawatts.
Financing renewable energy projects is considered challenging in Africa due to limited access to
capital, high upfront costs and perceived investment risks. Africa requires $2.8 trillion between 2020
and 2030 to implement its nationally determined contributions under the Paris Agreement, according
to the Climate Policy Initiative.
“Policy interventions and a global course-correction are urgently needed to effectively overcome
structural barriers and create local value in emerging market and developing economies,” Mr La
Camera said.
“The patterns of concentration in both geography and technology threaten to intensify the
decarbonisation divide and pose a significant risk to achieving the tripling target,” he added.

However, to achieve the global target of more than 11 terawatts for the tripling goal, the G20
members alone must reach 9.4 TW of renewable power capacity by 2030, the report said.
At the Cop28 climate conference in Dubai last year, more than 100 countries committed to triple
renewable energy capacity worldwide by the end of the decade and double the annual rate of energy
efficiency improvements.
However, China and India – two of Asia's largest economies – refrained from signing the pledge.
The countries also did not agree with initial drafts of the final agreement that included curbs on
investments in coal-fired power plants.
The delegates ultimately settled on a milder agreement to “accelerate efforts towards the phase-
down of unabated coal power”.
Although India and China – two of the most populous countries in the world – have set ambitious
clean energy targets, they intend to rely on coal for the longer-term to meet growing power demand.
Coal accounts for around three-quarters of India's power generation and nearly 61 per cent of
China's.
Renewable energy is set to make up more than one-third of total electricity generation by early
2025, overtaking coal, according to the International Energy Agency.
Global power demand will grow at a faster rate over the next three years as the energy transition
gathers pace, with low-emission technologies expected to meet the additional increase in
consumption, the Paris-based agency said in its Electricity 2024 report in January.
Earlier this year, the IEA said that the rate of expansion of global renewable energy capacity surged
by 50 per cent in 2023, with solar accounting for three-quarters of the growth.
According to Irena, solar accounted for 73 per cent of the renewable growth last year, reaching
1,419 gigawatts, followed by wind power with a 24 per cent shareTripling renewable power and
doubling energy efficiency by 2030: Crucial steps towards 1.5°C

IRENA’s Key recommendations
TOTAL GLOBAL RENEWABLE POWER GENERATION CAPACITY WILL NEED TO TRIPLE BY
2030 to reach more than 11 000 GW under IRENA’s 1.5°C Scenario in the World Energy Transitions
Outlook, with solar photovoltaic (PV) and wind power accounting for about 90% of renewable energy
capacity additions.
ENERGY EFFICIENCY IMPROVEMENTS MUST DOUBLE BY 2030 TO REMAIN ON A 1.5°C
PATHWAY. In IRENA’s 1.5°C Scenario this will be driven by a combination of efficient technologies in
end-use sectors and extensive electrification. These vital milestones must be achieved to keep the
global energy transition on track to meet Paris Agreement goals.
A COMPREHENSIVE MIX OF POLICIES IS NEEDED TO ACHIEVE THESE AMBITIOUS
TARGETS. Aside from deployment and enabling policies, structural change is needed to ensure the
transition to an energy-efficient economy and a renewables-based power system is just and fair, and
provides benefits for all.
ENERGY EFFICIENCY POLICY MEASURES should include: the adoption of targets with specific
time horizons; strong regulatory frameworks including building codes and energy efficiency standards
for appliances; fiscal and financial incentives; and public campaigns to build awareness of the role of
energy efficiency measures, public transport and green mobility for cost savings and collective
decarbonisation goals.
RENEWABLE ENERGY DEPLOYMENT REQUIRES ENABLING MEASURES THAT GO
BEYOND REGULATIONS OR FISCAL AND FINANCIAL INCENTIVES. The organisational
structures of power sectors must be reshaped to integrate a higher share of renewables. Procurement
mechanisms must be designed in a way that strengthens value chains and trade, and industrial policies
must be fit for building resilient supply chains. Education, training, re-skilling and up-skilling should be
prioritised; women and under-represented groups must be empowered; and collaboration between
industry, civil society, policy makers and other key stakeholders should be encouraged.
EXISTING ELECTRICITY INFRASTRUCTURE SHOULD BE EXPANDED AND MODERNISED
TO CREATE A NEW ENERGY SYSTEM FIT FOR RENEWABLES. There is an urgent need to boost
crosssector infrastructure planning, increase cross-border co-operation and develop regional power
grids. Action is also needed to drive grid modernisation and expansion and ensure supply-side
flexibility and demand-side management.
RENEWABLE POWER CAPACITY SHOULD BE INCREASED MORE RAPIDLY IN
DEVELOPING COUNTRIES, given their growing electricity demand and the important role of
renewables in addressing the significant energy access deficit in these countries.
WE MUST RAPIDLY MOBILISE PUBLIC AND PRIVATE FINANCE TO TRIPLE RENEWABLE
POWER CAPACITY AND DOUBLE ENERGY EFFICIENCY. Annual average investment in
renewable power generation must reach USD 1 300 billion by 2030, compared to 486 billion in 2022.
In the developing world, we must minimise investment risks and provide access to low-cost financing.
The global financial architecture must be reformed to support the energy transition in the Global South.
Climate-related funding from multilateral development banks must be ramped up, and public capital
should be redirected from the fossil fuels sector to renewable energy.

THIS WILL REQUIRE STRONG INTERNATIONAL COLLABORATION. Immediate efforts are
required to facilitate and contribute to multilateral initiatives that promote knowledge sharing and
capacity building to deliver a just transition whilst also safeguarding nature and biodiversity.
Collaboration is urgently required to foster collective action on governance, climate finance and
innovation. North-South and South-South dialogues should be cultivated; groups like the G7 and G20
must mobilise support and investment; and just transition funds should be established and
operationalised in emerging economies.
INTRODUCTION
The United Nations Intergovernmental Panel on Climate Change (IPCC), in its latest Assessment Report
(AR6), sent a clear message to the world that this decade is critical to our success in limiting global
surface temperature increase to 1.5°C above pre-industrial levels by the end of this century (IPCC,
2023). There is an urgent need for rapid and immediate action to reduce global net anthropogenic
carbon dioxide (CO2) emissions by almost 50% from 2019 levels by 2030, with a significant proportion
of this reduction occurring within the field of energy.
However, the energy transition remains off-track and global greenhouse gas emissions have reached
record levels. IRENA’s flagship report, World Energy Transitions Outlook 2023: 1.5°C pathway, shows
that even if current pledges and plans made by national governments – including Nationally
Determined Contributions (NDCs), long-term low greenhouse gas emission development strategies
(LT-LEDS) and other commitments – are fully implemented, this would serve to reduce CO2 emissions
by only 6% in 2030 compared to 2022 levels. This is far below the emission reductions required to
place the world on a 1.5°C pathway. The message is clear: we cannot limit global surface
temperature increase to 1.5°C above pre-industrial levels by the end of this century without
rapid, sustained and concerted action.
COP28 marks the year of the first Global Stocktake (GST), through which policy makers, industry,
financial institutions, civil society and other stakeholders will reflect on the progress achieved in
implementing climate pledges since the adoption of the Paris Agreement in 2015. The World Energy
Transitions Outlook 2023 concludes that a significant acceleration in the deployment of renewable
energy, energy storage and renewable fuels, coupled with tangible progress in energy efficiency and
electrification of end-use sectors, are required to put the world back on track in this decade to meet
global climate goals (IRENA, 2023a).1
The global energy transition requires a significant reduction in carbon emissions across the entire
energy industry, as well as in end-use sectors. Leveraging low-cost solar PV, onshore and offshore wind,
and other renewable electricity generation sources, the power sector must lead the way as solutions in
other sectors scale up. Accelerating the progress of the transition worldwide requires a holistic
approach, backed by systemic innovation to transform existing structures and systems built for the
fossil fuel era.
Whilst the phase down of fossil fuels is both essential and inevitable, it must also be responsible. The
transition needs to be delivered in a way that ensures energy security, accessibility and affordability,
while also sustaining socio-economic development and adopting nature-positive approaches. The
speed at which the transition is achieved will be determined by how quickly zero-carbon alternatives
can be introduced and scaled up.
Greater ambition and stronger collective action are immediately required to accelerate progress,
particularly in renewable energy and energy efficiency. Against this backdrop, policy makers, energy

authorities, industry and civil society have an opportunity to align at COP28 to agree global targets to
triple renewable power generation capacity and double the energy efficiency improvement rate by
2030. These goals represent some of the most important levers for change to advance the energy
transition this decade.
This report consolidates high-level analysis of these targets, detailing existing shortfalls and identifying
key enablers to resolve them. It represents global perspectives within the renewable energy and
climate change space, with the COP28 Presidency, the International Renewable Energy Agency (IRENA)
and the Global Renewables Alliance (GRA) uniting to provide concrete recommendations on the means
to meet these renewable power and energy efficiency targets.
The solutions presented are technologically mature, cost-competitive and commercially available, and
can be scaled up rapidly in most countries around the world; indeed, utility-scale solar PV and onshore
wind are already the most cost-competitive sources of new electricity supply in most countries today
(IRENA, 2023b). Accelerating progress in renewable energy deployment and energy efficiency
improvement measures this decade would contribute to a cleaner energy system, improve energy
security and reduce exposure – both in industry and for consumers – to the damaging risks of highly
volatile fossil fuel prices. It would also improve air quality and reduce health costs; deliver universal
access to clean affordable energy; and provide greater collective security and well-being. With the right
policies in place, the global energy transition will also bring extensive socio-economic benefits,
including in the form of job creation and income generation.

The key enabling frameworks, policies and recommendations detailed in this report provide concrete
advice to governments around the world on the necessary steps required between now and 2030 to
meet these targets. Realising the targets, in accordance with IRENA’s 1.5°C Scenario, would require a
cumulative global installed renewable electricity generation capacity of over 11 000 GW, and a doubling
of the annual energy efficiency improvement rate from the current level by 2030 (IRENA, 2023a).
It is essential that global leaders convening at COP28 demonstrate the collective will to set a new pace
for action this decade by committing to these targets; in short, this is a critical step in a critical decade
to keep the 1.5°C target within reach. This will require accelerated actions in many areas, in particular
modernising and expanding physical energy infrastructure; improving power system operations;
establishing the right policies and regulatory frameworks; building resilient supply chains; and
developing skills and institutional capacities. These actions must be underpinned by a significant
increase in public and private financing, particularly to support the developing world.
To ensure the energy transition is both just and inclusive, greater international collaboration is also
needed. Worldwide, around 675 million people still lack access to electricity and 2.3 billion lack access
to clean cooking methods (IEA et al., 2023). Providing renewable energy to those populations would
contribute significantly to achieving Sustainable Development Goal 7 to Ensure access to affordable,
reliable, sustainable and modern energy for all.

NewBase Energy News 28- March - Issue No. 1711 call on +971504822502, UAE
The Editor:” Khaled Al Awadi” Your partner in Energy Services
NewBase energy news is produced Twice a week and sponsored by Hawk Energy Service – Dubai, UAE.
For additional free subscriptions, please email us.
About: Khaled Malallah Al Awadi,
Energy Consultant
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME member since 1995
Hawk Energy member 2010
www.linkedin.com/in/khaled-al-awadi-38b995b
Mobile: +971504822502
khdmohd@hawkenergy.net or khdmohd@hotmail.com
Khaled Al Awadi is a UAE National with over 30 years of experience in the Oil & Gas
sector. Has Mechanical Engineering BSc. & MSc. Degrees from leading U.S.
Universities. Currently working as self leading external Energy consultant for the
GCC area via many leading Energy Services companies. Khaled is the Founder of
the NewBase Energy news articles issues, Khaled is an international consultant,
advisor, ecopreneur and journalist with expertise in Gas & Oil pipeline Networks,
waste management, waste-to-energy, renewable energy, environment protection
and sustainable development. His geographical areas of focus include Middle East,
Africa and Asia. Khaled has successfully accomplished a wide range of projects in
the areas of Gas & Oil with extensive works on Gas Pipeline Network Facilities & gas
compressor stations. Executed projects in the designing & constructing of gas pipelines, gas metering &
regulating stations and in the engineering of gas/oil supply routes.
Has drafted & finalized many contracts/agreements in products sale, transportation, operation &
maintenance agreements. Along with many MOUs & JVs for organizations & governments authorities.
Currently dealing for biomass energy, biogas, waste-to-energy, recycling and waste management. He has
participated in numerous conferences and workshops as chairman, session chair, keynote speaker and
panelist.
Khaled is the Editor-in-Chief of NewBase Energy News and is a professional environmental writer with over
1400 popular articles to his credit. He is proactively engaged in creating mass awareness on renewable
energy, waste management, plant Automation IA and environmental sustainability in different parts of the
world. Khaled has become a reference for many of the Oil & Gas Conferences and for many Energy program
broadcasted internationally, via GCC leading satellite Channels. Khaled can be reached at any time, see
contact details above.

NewBase 28 March 2024 Energy News issue - 1711 by Khaled Al Awadi.pdf

Recommended

Recommended

More Related Content

Similar to NewBase 28 March 2024 Energy News issue - 1711 by Khaled Al Awadi.pdf

Similar to NewBase 28 March 2024 Energy News issue - 1711 by Khaled Al Awadi.pdf (20)

More from Khaled Al Awadi

More from Khaled Al Awadi (20)

Recently uploaded

Recently uploaded (20)

NewBase 28 March 2024 Energy News issue - 1711 by Khaled Al Awadi.pdf