Renewable power remains most cost-competitive amid fossil fuel crisis: IRENA report

Renewable Power Generation Costs in 2021, published by the International Renewable Energy Agency (IRENA), shows that almost two-thirds or 163 gigawatts (GW) of newly installed renewable power in 2021 had lower costs than the world’s cheapest coal-fired option in the G20. Costs for renewables fell in 2021 as supply chain challenges and rising commodity prices […]

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Supply disruptions, climate fundamental challenges for agrifood sector in coming decade

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The global agrifood sector faces fundamental challenges over the coming decade, particularly the need to feed an ever-increasing population, the impacts of the climate crisis and the economic consequences and disruptions to food supply linked to the war in Ukraine, according to a report. The findings of the latest OECD-FAO Agricultural Outlook 2022-2031 report underscore the crucial […]

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Subsidies not optimal solution for clean steel, aluminum: OECD panel

Government subsidies in the steel and aluminum industries do not represent the best approach for achieving decarbonization initiatives because they instead pose the risk of counterintuitively contributing to environmental concerns, industry representatives and observers said. “We’re increasingly seeing subsidies claiming to encourage better environmental practices,” Julia Nielson, deputy director of trade and agriculture for the […]

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India’s Budget for 2022-23 likely to initiate changes in domestic legislation following OECD model rules for 15% global minimum tax

The Organisation for Economic Co-operation and Development (OECD) released detailed rules for the implementation of a far-reaching global tax deal aimed at subjecting multinational enterprises (MNEs) to a 15% minimum tax from 2023. OECD is keen that countries bring the Global Anti-Base Erosion (GloBE) rules into domestic legislation in 2022. India’s Budget for 2022-23 will […]

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Oil prices likely to continue its bull run for years to come: Analysts

Rebounding global oil consumption amid tight supply—contrary to some forecasts last year that indicate demand may have peaked or was close to its peak—as well as years of underinvestment in new supply following the 2015 crash, have prompted Wall Street banks to raise significantly their projections for oil prices in the short and medium term.   […]

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International Energy Association invites India to become full-time member: Oil Minister Puri

International Energy Agency (IEA) has invited India, the world’s third-largest energy consumer, to become its full-time member, India’s oil Minister Hardeep Singh Puri said after online discussions with IEA Executive Director Fatih Birol. If India accepts the invitation, New Delhi will be required to raise its strategic oil reserves to 90 days stock. India’s current […]

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OPEC+ to continue with agreed schedule for oil-production increases

OPEC and its allies, OPEC+, agreed to stick to their existing plan for gradual monthly oil-production increases after a brief video conference. Ministers ratified the 400,000 barrel-a-day supply hike scheduled for October after less than an hour of talks, one of the quickest meetings in recent times and a stark contrast to the drawn-out negotiations seen […]

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OPEC expects global oil demand to grow 6.6% in 2021 as economies open up post vaccinations

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The Organization of Oil Exporting Countries (OPEC) said it expects global oil demand to grow by 6 mb/d to around 96.5 mb/d on average for the year, an increase of 6.6%, as economies continue to reopen in the post-Covid 19 phase following expanding vaccination programmes. “As with the economy, the market outlook for later this year looks especially promising.  In fact, […]

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OECD says sees brighter economic prospects but an uneven recovery

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The OECD has revised up its growth projections across the world’s major economies since its last full economic outlook in December 2020 and now sees global GDP growth at 5.8 % this year (compared with 4.2% projected in December), helped by a government stimulus-led upturn in the United States, and at 4.4% in 2022 (3.7% […]

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