Latest news with #FatihBirol
Time of India
4 hours ago
- Automotive
- Time of India
Diversify critical mineral supply chain or face disruption: IEA
PARIS: The International Energy Agency (IEA) on Monday cautioned that the concentration of critical mineral mining and processing in a few hands could affect global prices and supplies, while also suggesting that India should incentivise green mobility to reduce its vulnerability to high oil prices. "The world is entering a stage where the trade flows are not necessarily based on established WTO rules, but it is a different context. When we look at critical minerals, which are key for energy transition, but also key for defense, AI, manufacturing, chips, we are seeing a major concentration. This is a worry, because we at the IEA believe that the best energy security policy is diversification... my appeal to all the countries around the world (is to) try to diversify mining, refining and processing of key critical minerals otherwise, we may have unintended consequences of supply disruptions," IEA executive director Fatih Birol said after a meeting with commerce & industry minister Piyush Goyal. China is the most important miner and processor of critical minerals such as lithium and the trade war has raised fears of supply disruptions and price increase as the US mounts pressure on Beijing. Asked about the transition to electric vehicles and the need to offer incentives, he said: "Countries, especially those which import oil, should consider incentives for electric cars to reduce imports... depending on the countries, the financial balances in some countries can be more generous. In some countries less generous, but there is a need, at least for the time being, to support the consumers in terms of buying their first electric cars. India should look at the electrification of mobility very closely, because currently we have low oil prices... If India wants to have an upper hand in terms of domestic oil trajectories, electric cars are one of the key solutions." He also said the economics supports EVs. "In many countries, electric cars and commercial cars have the same prices. "Plus, in most countries around the world, if not all, driving one kilometer of a car is cheaper with electricity than the oil prices, unless oil prices go below $50 (a barrel). Sooner or later, electric cars will be dominating the streets." Birol was all praise for India's green energy transition as well as initiatives such as Ujjwala and LED bulbs. "In India, there was $1 investment in clean energy, there was $1 investment in fossil fuel. Today, for every $1 going to fossil fuels there is $4 for clean energy. India is a huge, huge, huge success story... This is good for India's economy, good for India's energy security and good for the world." Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Yahoo
6 hours ago
- Automotive
- Yahoo
Assisted by increasing affordability, global EV adoption continues to rise
This story was originally published on Automotive Dive. To receive daily news and insights, subscribe to our free daily Automotive Dive newsletter. Despite market disruptions in the global automotive industry — including U.S. tariffs — EV sales remain on an upward trajectory. That's according to a May report from the International Energy Agency, the global energy forum of 32 industrialized countries, including the United States. The IEA's annual Global EV Outlook predicts that more than a quarter of vehicles sold around the world in 2025 will be electric. In 2024, according to the report, more than 17 million EVs were sold worldwide, comprising more than 20% of all new vehicle sales. The number of sales grew by 25% compared to 2023. And sales only continue to grow: During the first quarter of 2025, global EV sales rose by 35% versus the same period in 2024. 'Our data shows that, despite significant uncertainties, electric cars remain on a strong growth trajectory globally,' IEA Executive Director Fatih Birol said in a statement, adding that EV sales are continuing to set new records. Birol also said that the share of EVs sold is expected to more than double within the next five years, reaching more than 40% of global car sales, thanks in large part to the growing affordability of EVs. Last year, the average worldwide price of an EV generally fell, according to the report. But pricing varied by country. In China, two-thirds of EVs sold were cheaper than similar gas-powered vehicles — even without discounts and other promotions. At the same time, the report noted that the limited share of affordable EV models in the U.S. has hurt EV take-up. On average, the price of an EV in the U.S. is 30% higher than a similar gas-powered car. In addition, more than 75% of cars sold in the U.S. are SUVs, but only about 20% of electric SUVs are cheaper than their gas-powered counterparts. The low prices of China's OEMs have rapidly accelerated EV adoption in China, where more than half of vehicles sold last year were EVs. But EV production in China is also driving increased EV sales around the world — China EV sales were actually responsible for nearly two-thirds of all EV purchases worldwide, per the report. The report also said that EV growth is accelerating in emerging economies, which include countries such as Brazil, India, Indonesia, Mexico and Thailand. In these regions, EV sales increased by more than 60% in 2024 alone. The increase is largely due to EV affordability, as the report noted the cheapest EVs in Brazil, India, Indonesia, Mexico and Thailand were made by China-based OEMs and were often the least expensive vehicles on the market — cheaper even than gas-powered vehicles, per the report. While EV sales increased in the U.S. in 2024, sales growth declined compared to 2023. Still, the EV market in the U.S. continues to expand; 24 new models were introduced in 2024, bringing the total number of new EV models brought to market since 2020 to 110, the report said. Recommended Reading ComEd offering $100M in rebates to drive EV growth in Illinois Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
8 hours ago
- Automotive
- Time of India
India should focus closely on mobility electrification: IEA executive director
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Energy 1. Torrent Power to buy LNG from BP Singapore Paris: India should focus on electrificarion of mobility to secure its energy future and if it wants to have the upper hand in terms of the domestic oil trajectories, then electric cars is one of the key solutions, International Energy Agency (IEA) Executive Director Fatih Birol said also said that countries which are importing oil, should consider giving incentives to electric cars in order to reduce the inbound shipments from different parts of the world.'In the case for India, I believe India should look at the electrification of the mobility very closely, because currently we have low oil prices…but it is definitely at the mercy of some of the key oil producers, where the oil prices will go up. If India wants to have the upper hand in terms of the domestic oil trajectories, electric cars is one of the key solutions,' he said after meeting Commerce and industry minister Piyush cautioned that the world faces serious risks from the growing concentration of critical minerals.'There is a need for, at least for the time being, to support the consumers in terms of buying their first electric cars,' he said, adding that the electric cars are going 'very' strongly around the that one out of four cars is electric. because they are getting cheaper.'And in many countries, electric cars and commercial cars, they have the same prices, plus in most countries around the world, if not all…driving one kilometer of a car is cheaper with electricity than the oil prices, unless oil prices go below $50,' he the impact of the trade war on energy transition, Birol said that the critical minerals are key not only for energy transition, but also for the defense, and manufacturing of chips.'We are seeing a major concentration. This is a worry, because we at the IEA believe that the best energy security policy is diversification. But when we look at the critical minerals, mining and processing, it is being more and more concentrated, and it's a serious risk for the next years to come,' he said urging all the countries to 'try to diversify the mining and also refining and processing of key critical minerals…otherwise, we may have unintended consequences of supply disruptions'.
&w=3840&q=100)
Business Standard
8 hours ago
- Automotive
- Business Standard
IEA urges India to prioritise mobility electrification for energy security
India should focus "very" closely on mobility electrification to secure its energy future, and oil import-dependent countries should incentivise electric vehicles, International Energy Agency (IEA) Executive Director Fatih Birol said on Monday. He also said the world faces serious risks from the growing concentration of critical minerals, and urged countries to diversify mining and processing to avoid supply disruptions that could impact the energy transition. Countries, which are importing oil, should consider giving incentives to electric cars in order to reduce the inbound shipments from different parts of the world, Birol added. "In the case of India, I believe India should look at the electrification of mobility very closely because currently we have low oil prices, but it is definitely at the mercy of some of the key oil producers, where the oil prices will go up. If India wants to have the upper hand in terms of the domestic oil trajectories, electric cars are one of the key solutions," he told reporters after meeting Commerce and Industry Minister Piyush Goyal. Goyal is here on a three-day official visit. India is one of the drivers of the global clean energy transition, Birol said. India has achieved a huge success story, especially under the solar front, and this is good for India's economy and its energy security, he noted. "Every country has a different policy when it comes to electric cars, but countries who are importing oil, should consider giving incentives to electric cars in order to reduce the imports from different parts of the world, and at the same time, it is very important for the countries in terms of electric cars revolution, not to fall behind," he said. There is a need for, at least for the time being, to support consumers in terms of buying their first electric cars. Further, he said that electric cars are going "very" strongly around the world. About four years ago, he said only 3 per cent of all cars were electric, and this year, 25 per cent of cars sold are electric. "One out of four cars is electric. This is mainly because the electric cars are getting cheaper, slowly but surely. In many countries, electric cars and commercial cars, have the same prices, plus in most countries around the world, if not all, driving one kilometre of a car is cheaper with electricity than oil prices, unless oil prices go below USD 50," he added. The world is going to see that sooner or later, electric cars will be dominating the streets of the world. On the impact of trade war on energy transition, Birol said the critical minerals are key not only for energy transition, but also for the defence, and manufacturing of chips. "We are seeing a major concentration. This is a worry because we at the IEA believe that the best energy security policy is diversification. But when we look at the critical minerals, mining and processing, it is being more and more concentrated, and it's a serious risk for the next years to come," he said, urging all the countries to "try to diversify the mining and also refining and processing of key critical minerals otherwise, we may have unintended consequences of supply disruptions". Appreciating India's LED bulb programme, the ED said that Goyal is the architect of that, and it is one of the most successful programmes in the history of energy transition. "It made the Indian electrification system much less expensive, and we make it much more friendly. This programme, together with the Ujjwala programme, bringing clean cooking to the hundreds of millions of households, is another success story, together with providing electricity access to Indian villages," he said.
Yahoo
3 days ago
- Business
- Yahoo
New Era of Nuclear Power Hinges on Seawater Uranium Extraction
This year, the world will generate more nuclear energy than ever before. 'The market, technology and policy foundations are in place for a new era of growth in nuclear energy over the coming decades,' the International Energy Agency (IEA) wrote in a report published last month. 'It's clear today that the strong comeback for nuclear energy that the IEA predicted several years ago is well underway, with nuclear set to generate a record level of electricity in 2025,' stated IEA Executive Director Fatih Birol. 'In addition to this, more than 70 gigawatts of new nuclear capacity is under construction globally, one of the highest levels in the last 30 years, and more than 40 countries around the world have plans to expand nuclear's role in their energy systems.' All that extra nuclear power generation is going to require a huge expansion of nuclear fuel production. So much, in fact, that the expansion of nuclear energy production capacity is expected to outpace the expansion of uranium production capacity on a global scale, and by a wide margin. This is expected to create a tight market and heightened competition to establish new uranium supplies. As a response, scientists are trying to get creative about new ways to create or circumvent the need for uranium. And so far, China is winning the race. Chinese scientists are making great progress of developing nuclear energy reactors that are powered by thorium instead of uranium, and another team of researchers also just made a major breakthrough in a new way to source uranium from seawater. This last development may mark a major breakthrough, as the world's oceans are home to vast untapped reserves of the 92nd element. According to reporting from Semafor, 'oceans are estimated to hold 5 billion tons of uranium, 1,000 times more than can be mined.' However, 'the dissolved minerals are dilute and difficult to gather.' But a team of researchers from across China, in addition to a colleague from Taiwan, may have just cracked the code. The scientists 'developed an upgraded electrochemical method that requires less money and energy than any other seawater-extraction technique,' according to MSN News. The exact figures are nothing short of staggering. The method was able to extract 100 percent of the uranium present in waters from the East China Sea and 85 percent from the South China Sea. However, when using larger electrodes, the scientists were reportedly able to achieve 100 percent extraction from the South China Sea waters as well. 'The experiments also showed the energy required was more than 1000-fold less than other electrochemical methods,' writes New Scientist. 'The whole process cost about $83 per kilogram of extracted uranium. That is twice as cheap as physical adsorption methods, which cost about $205 per kilogram, and four times as cheap as previous electrochemical methods, which cost $360 per kilogram.' This breakthrough stands to solidify China's place at the helm of the global nuclear energy industry. Currently, Canada, Kazakhstan and Australia are the largest global producers of uranium, accounting for nearly 70 percent of global production thanks to their naturally rich reserves. These new findings could allow China to join those ranks. But the ability to extract uranium from sweater could also provide a critical point of entry for other countries that are not naturally rich in mineable uranium. 'We need nuclear power as a bridge toward a post-fossil-fuel future,' Professor Steven Chu, a Nobel Prize-winning physicist, told the Stanford Report way back in 2017, when this technology was a distant theoretical possibility. 'Seawater extraction gives countries that don't have land-based uranium the security that comes from knowing they'll have the raw material to meet their energy needs.' By Haley Zaremba for More Top Reads From this article on
