International

World risks more years of high energy prices, emissions: IEA

AFP

The world faces more years of high energy prices and emissions unless the electricity sector changes faster after demand hit a record last year, the International Energy Agency said Friday.

The economic recovery from the Covid pandemic, combined with unusual weather conditions, caused electricity demand to jump by more than six percent in 2021, the largest increase since 2010, the IEA said.

In absolute terms, the increase of more than 1,500 terawatt-hours was the largest ever, the Paris-based agency said in its semi-annual Electricity Market Report.

This pushed prices to unprecedented levels while emissions from the electricity sector rose by seven percent in 2021 — an all-time high after having decreased the previous two years, the IEA said.

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While renewable power experienced “impressive growth”, electricity generation from coal and natural gas hit record levels, the report found.

“In the absence of faster structural change in the sector, rising demand over the next three years could result in additional market volatility and continued high emissions,” the IEA said.

IEA executive director Fatih Birol said emissions from electricity must fall by 55 percent by 2030 if the world is to meet a target of net-zero carbon emissions by 2050.

“But in the absence of major policy action from governments, those emissions are set to remain around the same level for the next three years,” Birol said in a statement.

“Not only does this highlight how far off track we currently are from a pathway to net zero emissions by 2050, but it also underscores the massive changes needed for the electricity sector to fulfil its critical role in decarbonising the broader energy system.”

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Birol also warned that high electricity prices “have been causing hardship for many households and businesses around the world and risk becoming a driver of social and political tensions.”

China accounted for around half of the global growth in electricity demand last year. The country experienced power cuts due to coal shortages — a problem also encountered by India.

International

Security Council to Hold Emergency Meeting on Middle East Crisis

UN Secretary-General António Guterres on Saturday condemned the “military escalation in the Middle East” following attacks by the United States and Israel against Iran and Tehran’s retaliatory strikes, just hours before an urgent meeting of the UN Security Council.

“I call for the immediate cessation of hostilities and de-escalation,” Guterres said in a statement.

The Security Council is scheduled to meet on Saturday at 21:00 GMT (4:00 p.m. in New York) to address “the situation in the Middle East,” the United Nations announced.

The meeting, during which Guterres will deliver remarks, was convened at the request of France, Bahrain, Colombia, Russia and China, according to a diplomatic source.

International

Trump Floats “Friendly Takeover” of Cuba Amid Rising Tensions

U.S. President Donald Trump said Friday that his administration is considering what he described as a “friendly takeover” of Cuba, as Washington continues to increase pressure on the island’s communist government.

“The Cuban government is talking to us and they have very serious problems, as you know. They have no money, they have nothing at this moment, but they are talking to us and maybe we will see a friendly takeover of Cuba,” Trump told reporters as he departed the White House for a trip to Texas.

Earlier in the week, U.S. Secretary of State Marco Rubio said Cuba needed a “radical change,” shortly after Washington eased restrictions on oil exports to the island for what officials described as “humanitarian reasons,” amid a deep economic crisis.

The United States has imposed an energy blockade on Cuba since January, citing what it calls an “extraordinary threat” posed by the communist-run island, located roughly 150 kilometers (90 miles) off the coast of Florida, to U.S. national security.

International

Argentina’s Senate Reviews Milei-Backed Labor Overhaul

Argentina’s Senate on Friday began reviewing the Labor Modernization Law promoted by the administration of President Javier Milei, a proposal that would significantly reshape labor rules across the country.

The upper chamber opened its final discussion of the contentious initiative, which revises the method used to calculate severance payments — lowering the amounts owed in dismissal cases — and introduces an “hour bank” mechanism that allows overtime to be offset with paid leave rather than extra wages.

The legislation also broadens the classification of essential services, a change that would place new limits on the right to strike in designated sectors.

The bill was initially approved by the Senate on February 11 and then moved to the Chamber of Deputies, where lawmakers passed it with amendments. It has now returned to the Senate for definitive approval.

Outside the Congress building in Buenos Aires, workers, trade unions and left-wing organizations staged demonstrations beginning at midday. The gathering later thinned out amid reports of disturbances and a strong police presence. Security forces had secured the area surrounding the legislature since early morning hours.

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Union leaders contend that the reform weakens labor protections, while many business representatives back the measure but stress that sustainable formal employment will require economic expansion, improved credit conditions, greater investment and a more dynamic domestic market.