Says India's Gati Shakti plan could spur clean energy investment; no other country has any new spending plans
Crude's rally in recent months has been underscored by wider gains in energy prices
India is the world's third-largest energy consumer
Oil fell on Friday, but was on track to post a slight weekly gain, broadly shrugging off a warning from the International Energy Agency that the spread of coronavirus variants is slowing oil demand
Brent crude futures was down 26 cents, or 0.36%, at $71.18 a barrel by 11212 GMT, after earlier rising to a session-high of $71.90.
Rising demand for oil abruptly reversed course in July and is set to proceed more slowly for the rest of the year due to the spread of the COVID-19 Delta variant, the International Energy Agency said
The Paris-based agency, however, expected the trend will lose momentum in winter due to seasonal maintenance of refineries.
Investors managing $4.2 trillion on Wednesday called on some of the world's biggest banks to toughen their climate and biodiversity policies or risk rebellions at their next annual meetings
The announcement could further complicate talks between Iran and six major powers on reviving a 2015 nuclear deal
Recent trends in clean energy spending point to a widening gap between advanced economies and the developing world even though emissions reductions are far more cost-effective in the latter.
"We do not think the report by IEA has been vetted by the member countries as a position document", said a senior source in the government
Energy companies in Australia, the biggest carbon emitter per capita among the world's richest nations, and officials in Japan and the Philippines said there were many ways to get to net-zero
Lending his weight to India's stand on coal as an energy source, International Energy Agency (IEA) chief Fatih Birol on Wednesday said it won't be fair to ask developing nations to stop using coal without giving international financial assistance to make up for the economic challenge from such a move. Developing nations like India depend on coal for 60 per cent of their energy, and coal and associated sectors are major employment generators, he said at the Energy Horizons Leadership Dialogue organised by Council on Energy, Environment and Water (CEEW). Endorsing the Indian stand of it not being responsible for global pollution, Birol said, "climate change issue we have today, (that is) concentration of carbon in the atmosphere is not an issue of today. It is an issue of almost last 100 years." "And many countries, so-called advanced economies, came to this industrialised levels and income levels by using a lot of coal. These are the US, Europe, Japan," he said. India has maintained
Consumption in the first quarter of 2021 will be 600,000 barrels a day lower than previously thought, the agency said as the coronavirus outbreak continues to impede people's movements
The roll-out of vaccines this month will not quickly reverse the destruction wrought on global oil demand, International Energy Agency warned
Brent crude fell 0.8% to $43.46 a barrel in early London trade, snapping three straight days of gains
The combined share of solar photovoltaic (PV) and wind in global generation will rise to almost 30% in 2030 from 8% in 2019, it said, with solar PV capacity growing by an average 12% a year
While benefits in supply and pricing are likely to accrue to the consumer with the activation of energy exchanges, certain grey areas need to be addressed
Consumption to increase by 28 bcm between 2019-25
Consumption is set to slump by 4% this year, or twice the amount lost after the 2008 financial crisis, according to the International Energy Agency's Gas 2020 report.