The two-day International Energy Agency meeting was chaired by Jennifer Granholm, U.S. Energy Secretary. It saw governments share a host of ideas to reduce energy consumption, tap new sources of oil, gas and coal beyond Russia and increase the use of renewable power.
Granholm stated that the 31 global energy ministers in Paris were united in seeing how they could do what they can to increase supply, reduce costs, and accelerate transition to renewables.
Fatih Birol, Executive Director of the IEA, stated that member countries pursue separate energy policies but have “one goal: radically reducing Russian oil-and gas imports.”
Granholm stated that the Biden administration had asked domestic oil producers for more supply, and that there was a response from the oil and gas markets. Granholm also said that the government instructed American energy companies to produce more “where and whenever” and that the U.S. would offer liquefied gas to countries that are trying to get rid of Russian supplies.
Granholm stated, “We export every molecule of natural gas that can liquefied at any terminal that exists.”
Officials said that countries must be aware of the fact that they cannot increase greenhouse gas emissions through the burning of more fossil fuels, especially coal, as they seek to replace Russian energy sources. Birol said that Russia should not be allowed to invade the fight against climate change.
Recent scientific reports indicate that the world is well on its way to surpass the 1.5-degree Celsius (2.7-Fahrenheit threshold) set by the 2015 Paris climate agreement. If there are not more drastic emissions cuts in the future, the 2-degree limit could be reached. Experts warn that each tenth degree of warming increases the likelihood of severe consequences.
Last week, the IEA presented a 10-point strategy which it claimed could reduce oil consumption in Europe. It also included suggestions for car-free Sundays and lower speed limits, as well as avoiding plane and car travel wherever possible.
Birol pointed out that the most recent data showed the greatest increase in global emissions since the beginning of the coronavirus pandemic.
