2023 promises to be a pivotal year for renewable energies, with record growth predicted by the International Energy Agency. Supported by favorable policies, rising fossil fuel prices and energy security concerns, global photovoltaic capacity is set to play a key role in this growth.
Against a backdrop of high inflation and high indebtedness, the IMF’s number two, Gita Gopinath, stressed the need to introduce carbon pricing to finance the energy transition. At a conference at the Peterson Institute for International Economics (PIIE) in Washington, she warned of a possible escalation of “green” subsidies and argued in favor of carbon pricing despite the political challenges associated with it.
Fuel prices in Nigeria have skyrocketed after the new president announced the removal of subsidies. This decision has caused widespread distress in Africa’s most populous country, already facing high inflation. By swapping its crude oil for imported fuel due to its failing refineries, Nigeria kept gasoline prices below market levels thanks to subsidies. However, these subsidies cost the government billions of dollars every year, hindering investment in priority sectors such as health and education. Although the authorities have yet to announce any mitigating measures for consumers, the decision has angered trade unions and rekindled the debate on fuel subsidies in Nigeria.
The Economic Commission for Africa (ECA) and the University of Namibia have joined forces to train 71 energy modeling experts in Africa. This initiative aims to support the continent’s transition to low-carbon, climate-resilient energy systems.
In 2023, electricity prices in the United States fell significantly thanks to lower natural gas prices and moderate electricity demand. Analysts warn of impending closures of coal-fired power plants and stress the importance of monitoring hydroelectric capacity in the west of the country.
The AtoZero ASEAN Summit and Exhibition is shaping up to be a flagship event propelling the transition to Net Zero. Bringing together policy makers, experts and industry leaders, this premier event aims to explore the pathways, policies and business opportunities that will shape the global climate change agenda.
The head of Sri Lanka’s utility regulator has been sacked for blocking an increase in electricity prices. This decision comes against the backdrop of the economic crisis and the request for IMF assistance after the country’s default and the implementation of austerity measures.
France is preparing to shape its energy future with determination. The Ministry of Energy Transition brought together experts, elected officials and professionals to develop a new energy strategy. The objective is clear: to update the country’s energy policies and prepare the energy and climate programming bill.
Energy bills in Britain will fall from July 1, following a reduction in the price cap by regulator Ofgem. However, despite this decline, inflation remains a concern, which could lead to a further increase in interest rates by the monetary authorities.
Investments in low-carbon energy are increasing, with solar potentially surpassing oil extraction by 2023. However, despite this progress, fossil fuel financing also continues to grow, jeopardizing the trajectory towards carbon neutrality.
