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

Macron meets Machado, stresses need for democratic transition in Venezuela

Emmanuel Macron met on Monday at the Élysée Palace with Venezuelan opposition leader María Corina Machado, where they discussed the importance of advancing a democratic transition in Venezuela.

In a message shared on social media, Macron highlighted Machado’s commitment to freedom and stressed the need to achieve a transition that is peaceful and respects the will of the Venezuelan people.

“I received María Corina Machado, Nobel Peace Prize laureate. Together, we discussed her commitment to freedom and the importance of achieving a democratic, peaceful transition in Venezuela that respects the will of its people,” he wrote.

For her part, Machado expressed her “deep gratitude” to Macron and to France for their support of democracy and freedom in Venezuela.

“We have gone through a long and painful journey, and we are now very close to freedom. Venezuela will become a nation of free and equal men and women—prosperous, safe, and united,” she said.

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International

Trump says Iran seeks new talks after failed negotiations in Pakistan

Donald Trump said on Monday that Iran has reached out to United States to resume negotiations, following the collapse of recent talks held in Islamabad.

“We’ve been contacted by the other side,” Trump told reporters, adding that Iran is eager to reach a deal “at all costs.” Speaking from the Oval Office, he reiterated that his main objective is to prevent the Islamic Republic from acquiring nuclear weapons and warned that he will not allow Iran to “blackmail” the international community.

After negotiations between Washington and Tehran ended without agreement on Sunday, Trump announced that the U.S. would move to block the Strait of Hormuz, a critical route for global oil trade.

The waterway had already been disrupted by Iran in response to a U.S. and Israeli offensive launched on February 28, causing significant shocks to the global economy.

In a post on Truth Social, Trump further warned that any Iranian vessel attempting to bypass the U.S. naval blockade in the strait would be “eliminated immediately.”

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The renewed tensions have pushed oil prices higher, while global stock markets have reacted negatively to the lack of an agreement in Islamabad.

International

Trump orders U.S. control of Strait of Hormuz after failed Iran talks

U.S. President Donald Trump announced on Sunday that the United States will take control of the Strait of Hormuz“effective immediately,” following the collapse of negotiations with Iran held in Islamabad.

In a post on Truth Social, Trump said he had ordered the U.S. Navy to block vessels attempting to enter or exit the strategic waterway, a key route for global energy trade.

“The meeting went well, agreement was reached on most points, but the only really important one — nuclear weapons — was not approved,” Trump said, referring to the talks with Iranian representatives.

The president also stated that he had instructed authorities to intercept ships in international waters that had paid tolls to Iran to transit the strait, calling such payments “illegal.” He further accused Tehran of hindering an agreement by deploying mines in the area, describing the move as “international extortion.”

Trump added that the United States will undertake efforts to clear mines from the strait and expressed confidence that a future agreement ensuring free navigation could eventually be reached.

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The announcement came after Vice President JD Vance and special envoys Steve Witkoff and Jared Kushner briefed the president on the outcome of the negotiations, considered the highest-level contacts between the two countries since the 1979 Islamic Revolution.

While Trump acknowledged that enough progress had been made to maintain a temporary truce, he criticized Iran for remaining unwilling to abandon its nuclear ambitions, calling its position “very inflexible” on the central issue.