5 days Ago By [email protected] (MENAFN)
( MENAFN - Trend News Agency) BAKU, Azerbaijan, October 17. Global solar PVand battery manufacturing dominance by China poses elevateddisruption risks, Tim Gould, Chief energy Economist, InternationalEnergy Agency (IEA), said, as he was addressing the World EnergyOutlook 2024, Trend reports. “A very high share of solar PV and batteries' manufacturingcapacity is within an individual country, within China.
And thatconcentration presents an elevated risk of disruption, whetherthat's from geopolitical tensions or extreme weather or even asimple industrial accident,” he said. Gould pointed out that the world is heading into a new marketcontext, marked by ample supply in key markets and the possibilityof downward pressure on prices. “But that's no reason for complacency when it comes to energysecurity.
We certainly won't be taking our eyes off potential risksto energy security here at the IEA,” he said. The chief energy economist noted that over the past 10 years orso, global oil demand grew by slightly more than 5 million barrelsa day. “And almost all of that was due to increases in China, roadtransport and petrochemicals.
But that picture is changing, as Dr.Birol has elaborated. And why is that? And it's because China, solong the engine of oil demand growth, is switching to electricityfor mobility and also switching to LNG for trucks.
So global EVsales this year are set to be around 17 million, and more than 10million of those are in China. The future starts to look verydifferent from the past. Over the period to 2035, under today'spolicy settings, demand in other countries steps up,” addedGould.
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