IEA: Renewables have cut fossil-fuel imports for more than 100 countries

2 comments

1. “Renewable expansion allowed these nations to collectively avoid importing 700m tonnes of coal and 400bn cubic metres of gas in 2023, equivalent to around 10% of global consumption.”

   “In doing so, the fuel-importing countries saved more than $1.3tn between 2010 and 2023 that would otherwise have been spent on fossil fuels from overseas.”

   I wonder if the $1.3tn accounts for increased demand and competition? Probably would have been a war with Venezuela or someone over oil by now if demand hadn’t dropped

2. The plunging price and exponential growth of renewables is one of the reasons Putin invaded Ukraine when he did in 2022. (Not the only reason obviously).

   Putin is no idiot – he could see the writing on the wall for Russia fossil gas and oil exports and revenue in 2030 and 2040. So he has been playing Russia’s cards hard now, putting all his chips in, thinking he is coming from a position of leverage and strength. Rather than a decade from now when Russia is weaker, and he himself is a decade older.

   Of course he hugely miscalculated; Europe has accelerated hard on renewables since 2022 (and into the arms of the US on LNG at the same time). And meanwhile his erstwhile friend in China is leading the charge on solar panel and EV exports across the world, undermining demand for what Russia has got to sell.

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