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Global energy investment to rise to USD 3.3 trillion in 2025: IEA

Global, News

Global energy investment is set to reach USD 3.3 trillion in 2025, up 2% from 2024, according to a report from the International Energy Agency (IEA), World Energy Investment 2025. Around USD 2.2 trillion will go to clean energy, double the USD 1.1 trillion set for fossil fuels. China, Europe, the US, and India drove most of the clean energy growth over the past five years. While emissions cuts are a factor, energy security, industrial…

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India signs MoU with IEA for critical minerals cooperation

India, News

The Ministry of Mines has signed a memorandum of understanding (MoU) with the International Energy Agency (IEA) to advance cooperation in critical minerals.  This agreement, recently approved by the Cabinet, will grant India access to IEA’s data, analysis, and policy recommendations, aiding in refining policies, regulations, and investment strategies to align with global standards. The collaboration is expected to enhance India’s technical capabilities and institutional strength in the critical mineral sector, fostering capacity building and…

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Global energy efficiency improvements lag behind COP28 targets: IEA

Global, News

One year after the COP28 pledge to double global energy efficiency by 2030, a report from the International Energy Agency (IEA) reveals that countries are falling short of this goal.  The IEA’s Energy Efficiency 2024 report shows that global primary energy intensity—a core energy efficiency metric—is set to improve by around 1% in 2024, the same rate as in 2023, far below the 4% target needed by 2030. At COP28, nearly 200 countries committed to…

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IEA report forecasts US$2 trillion clean energy market growth, challenging oil industry dominance

Global, News

The International Energy Agency’s (IEA) Energy Technology Perspectives 2024 report predicts rapid expansion in the clean energy market, with investments in solar PV, wind, electric vehicles, batteries, electrolysers, and heat pumps expected to triple by 2035, reaching over US$2 trillion.  This anticipated growth could rival the economic scale of the global oil market, marking a pivotal shift towards a sustainable economy. IEA Executive Director Fatih Birol highlighted the interlinking of energy, industry, and trade policies…

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IEA’s Fatih Birol: Fossil fuel demand to peak as world enters “age of electricity”

Global, News

Fatih Birol, executive director of the International Energy Agency (IEA), stated that with fossil fuel demand expected to peak within the next five years, the world is approaching a new “age of electricity.” In a recent press release, the Turkish economist highlighted that the surplus in oil and gas supplies could drive significant investments in green energy. Birol noted that in the latter half of this decade, the global energy landscape could shift substantially, with…

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Global energy system faces rising risks amid geopolitical strains: IEA

Global, News

The International Energy Agency (IEA) highlighted the vulnerabilities in the global energy system, exacerbated by regional conflicts and geopolitical tensions, in its World Energy Outlook 2024. The IEA underscored the need for stronger policies and investments to hasten the energy transition. Despite these challenges, the agency expects a relatively abundant supply of various fuels and technologies in the coming years, including oil, LNG, solar PV, and batteries. IEA Executive Director Fatih Birol noted that an…

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India to drive global energy demand by 2035, says IEA

India, News

India is set to become the global engine for energy demand growth through 2035, according to the International Energy Agency’s (IEA) World Energy Outlook 2024.  The report highlights India’s rapid expansion, with the country adding more than 12,000 cars daily, increasing built space equivalent to South Africa, and seeing its air-conditioners consume more electricity than Mexico’s total power consumption by 2035. As the world’s third-largest oil consumer, India will increase oil demand by nearly 2…

Power Sector News Roundup for June 9, 2025

Power Bytes

Global: Neoen inaugurates Portugal’s largest solar park in Azambuja Global energy investment to rise to USD 3.3 trillion in 2025: IEA India: Sembcorp wins 150 MW solar plus storage project from SJVN Delta Electronics signs wind power deal for Tamil Nadu facilities Vedanta expands RTC renewable energy capacity to 1.03 GW Oyster Renewable and Jindal Stainless to build hybrid project Vikram Solar receives SEBI nod for Rs 15 billion IPO States discuss power reforms at…

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India’s clean energy rise continues, but investment needs remain high

India, News

India is making rapid progress in expanding clean power, with 83% of power sector investment in 2024 going to renewables and a rising share of non-fossil capacity. However, a June 2025 report from the International Energy Agency (IEA), titled “World Energy Investment 2025,” highlights that current policies still fall short of the funding needed to meet long-term goals. While foreign and domestic investment is growing, key risks—like discom payment delays, land issues, and transmission gaps—continue…

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Vietnam proposes 15 MW geothermal project for inclusion in PDP8

Global, News

The Provincial Government of Binh Dinh has proposed the inclusion of the 15 MW Hoi Van geothermal power project in Vietnam’s national power development plan VIII (PDP8). The project, to be located in Cat Hiep commune, Phu Cat district, requires an estimated investment of USD32.7 million. It is intended to diversify the province’s energy mix and contribute to national renewable energy targets. Geothermal energy is still at an early stage in Vietnam, but the country’s…