United News of Bangladesh

The International Energy Agency (IEA) has outlined 10 immediate ways households, businesses and governments can save money as oil prices surge above $100 per barrel following what it calls the largest supply disruption in global oil market history. The crisis stems from the US-Israel war on Iran, which has severely reduced shipping through the Strait of Hormuz — a key artery that normally carries around 20 per cent of global oil consumption, or roughly 20 million barrels per day. The loss of these flows has tightened markets sharply, pushing up not just crude prices but also refined fuels such as diesel, jet fuel and liquefied petroleum gas (LPG), reports GulfNews. While countries have already responded with supply-side measures — including a record 400 million barrel release from emergency reserves — the IEA says these alone are not enough. “The war in the Middle East is creating a major energy crisis, including the largest supply disruption in the history of the global oil market. In the absence of a swift resolution, the impacts on energy markets and economies are set to become more and more severe,” said IEA Executive Director Fatih Birol. “As the global energy authority, the IEA is doing everything we can to support the stability of energy markets. We have recently launched the largest ever release of IEA emergency oil stocks – and I am in close contact with key governments around the world, including major energy producers and consumers, as part of our international energy diplomacy,” Birol said. Measures to adopt In addition, Birol said today’s report provides a menu of immediate and concrete measures that governments, businesses and households can take on the demand side to shelter consumers from the impacts of this crisis. “It draws on the IEA’s decades of expertise in this field and highlights measures that have been proven to work in practice in different contexts. I believe it will be of use to governments around the world, in both advanced and developing economies, in these challenging times,” Birol added. Why demand cuts matter The agency stressed that reducing demand is a “critical and immediate tool” to ease pressure on consumers, improve affordability and support energy security until normal supply flows resume. Road transport — which accounts for around 45% of global oil demand — is the biggest focus, though the recommendations also cover aviation, cooking and industry. The 10 ways to save money So, what are the 10 ways to save money? IEA’s report highlights simple, proven actions that can quickly cut fuel use and lower household expenses: 1. Work from home where possible Cuts fuel use by reducing daily commuting. 2. Reduce highway speed limits by at least 10 km/h Lower speeds reduce fuel consumption across vehicles. 3. Use public transport Switching from private cars to buses and trains reduces oil demand. 4. Alternate private car access in cities Number-plate rotation systems can cut congestion and fuel use. 5. Car sharing and efficient driving Higher occupancy and eco-driving lower fuel consumption. 6. Improve efficiency in deliveries and freight Better driving, maintenance and load optimisation reduce diesel use. 7. Divert LPG use from transport Preserves LPG for essential needs like cooking. 8. Avoid air travel where alternatives exist Reduces demand for jet fuel, especially business travel. 9. Switch to modern cooking solutions Electric cooking can reduce reliance on LPG. 10. Improve industrial efficiency and switch feedstocks Helps reduce oil consumption and free up fuel for critical uses. The IEA said that while these demand-side measures cannot fully offset the scale of the supply disruption, widespread adoption can “play a meaningful role” in lowering costs, reducing market strain and preserving fuel for essential uses.

In a striking contrast to global trends, Bangladesh finds itself lagging in the renewable energy sector, as outlined in the latest International Energy Agency (IEA) report on Wednesday. The report indicates that the world is on course to add over 5,500 gigawatts (GW) of renewable energy capacity between 2024 and 2030, bringing global renewable electricity generation to nearly half of total demand. However, Bangladesh's progress in adopting renewable technologies, particularly solar and wind, remains dismally low, according to the report. The IEA's `Renewables 2024’ report highlights that while solar photovoltaic (PV) technology is expected to account for a staggering 80% of global renewable capacity growth, countries in the Asia Pacific region, including Bangladesh, are struggling to keep pace. By 2030, solar PV is projected to become the largest renewable generation technology, yet Bangladesh is anticipated to have a variable renewable energy (VRE) share of no more than 5% (Bangladesh's renewable energy share in power generation stands at a mere 1.6%, according to 2022 data.), far behind its regional counterparts. Dave Jones, Ember's director of global insights said, "The renewables growth we've seen so far is just the start. There is twice as much renewable generation forecast to be added in the second half of this decade compared to the first half. Policymakers are embracing solar and wind like never before, but they are still two steps behind the reality on the ground. The market can deliver on renewables, and now governments need to prioritize investing in storage, grids, and other forms of clean flexibility to enable this transformation. The next half decade is going to be one heck of a ride." Tim Buckley, a leading energy analyst and director of Climate Energy Finance, added, despite a strong increase in investments in renewable energy since the December 2023 COP28 pledge to triple installed capacity by 2030, they are not yet on track to meet this goal, with global capacity expected to grow by 2.7 times by the end of the decade. Read: IEA: Asia set to use half of world’s electricity by 2025 "This reflects a 25% lift in collective ambition compared to last year, driven by decreasing costs for solar and battery technologies. Increased support from developed nations is crucial for facilitating the energy transition in developing countries, helping to rapidly decarbonize in line with climate science," Tim Buckley said. "Major economies must commit to bold cuts in emissions reduction targets under the Paris Agreement and prioritize international cooperation to reduce renewable energy financing costs, especially in critical regions like Africa and Southeast Asia." China alone is set to account for an astonishing 60% of the global renewable capacity growth, making it a dominant player in the renewable energy landscape. Nations like India are leading the charge with rapid renewable expansion, securing over half of the Asia Pacific region's renewable growth from 2024 to 2030. Philippines, Thailand, and South Korea are also set to see their VRE shares rise significantly, yet Bangladesh is mired in slow adoption and infrastructural challenges. This stagnation not only hinders its energy security but also limits the potential economic benefits associated with renewable energy deployment. As the IEA notes, the accelerated deployment of low-cost renewable technologies, especially solar PV and wind, could provide Bangladesh with substantial economic and environmental advantages. However, the country's ongoing reliance on imported fuels for power generation exacerbates its energy security concerns, further emphasizing the urgent need for a robust transition to renewable energy sources. Read more: Dr Yunus praises Russian cooperation in power, energy sectors To avoid falling further behind in this global energy revolution, Bangladesh must urgently implement supportive policies and investment strategies aimed at boosting its renewable energy capacity. The IEA's report serves as a clarion call for policymakers to act decisively in aligning with international renewable energy targets and to address the infrastructural deficits that have hindered progress.

Asia will for the first time use half of the world’s electricity by 2025, even as Africa continues to consume far less than its share of the global population, according to a new forecast released Wednesday by the International Energy Agency. Much of Asia’s electricity use will be in China, a nation of 1.4 billion people whose share of global consumption will rise from a quarter in 2015 to a third by the middle of this decade, the Paris-based body said. “China will be consuming more electricity than the European Union, United States and India combined,” said Keisuke Sadamori, the IEA’s director of energy markets and security. By contrast, Africa — home to almost a fifth of world’s nearly 8 billion inhabitants — will account for just 3% of global electricity consumption in 2025. “This and the rapidly growing population mean there is still a massive need for increased electrification in Africa,” said Sadamori. The IEA’s annual report predicts that nuclear power and renewables such as wind and solar will account for much of the growth in global electricity supply over the coming three years. This will prevent a significant rise in greenhouse gas emissions from the power sector, it said. Scientists say sharp cuts in all sources of emissions are needed as soon as possible to keep average global temperatures from rising 1.5 degrees Celsius (2.7 Fahrenheit) above pre-industrial levels. That target, laid down in the 2015 Paris climate accord, appears increasingly doubtful as temperatures have already increased by more than 1.1 C since the reference period. One hope for meeting the goal is a wholesale shift away from fossil fuels such as coal, gas and oil toward low-carbon sources of energy. But while some regions are reducing their use of coal and gas for electricity production, in others consumption is increasing, the IEA said. The 134-page also report warned that electricity demand and supply are becoming increasingly weather dependent, a problem it urged policymakers to address. “In addition to drought in Europe, there were heat waves in India (last year),” said Sadamori. “Similarly, central and eastern China were hit by heat waves and drought. The United States also saw severe winter storms in December, and all those events put massive strain on the power systems of these regions.” “As the clean energy transition gathers pace, the impact of weather events on electricity demand will intensify due to the increased electrification of heating, while the share of weather-dependent renewables will continue to grow in the generation mix,” the IEA said. “In such a world, increasing the flexibility of power systems while ensuring security of supply and resilience of networks will be crucial.”

A report by five International agencies feared that the target for achieving SDG 7 which ensures universal access to affordable and modern electricity by 2030 might not be achieved due to coronavirus pandemic.