Global Solar PV Manufacturing Dominance By China Poses Elevated Disruption Risks IEA
Date
10/17/2024 6:03:16 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, October 17. Global solar PV
and battery manufacturing dominance by China poses elevated
disruption risks, Tim Gould, Chief energy Economist, International
Energy Agency (IEA), said, as he was addressing the World Energy
Outlook 2024, Trend reports.
“A very high share of solar PV and batteries' manufacturing
capacity is within an individual country, within China. And that
concentration presents an elevated risk of disruption, whether
that's from geopolitical tensions or extreme weather or even a
simple industrial accident,” he said.
Gould pointed out that the world is heading into a new market
context, marked by ample supply in key markets and the possibility
of downward pressure on prices.
“But that's no reason for complacency when it comes to energy
security. We certainly won't be taking our eyes off potential risks
to energy security here at the IEA,” he said.
The chief energy economist noted that over the past 10 years or
so, global oil demand grew by slightly more than 5 million barrels
a day.
“And almost all of that was due to increases in China, road
transport and petrochemicals. But that picture is changing, as Dr.
Birol has elaborated. And why is that? And it's because China, so
long the engine of oil demand growth, is switching to electricity
for mobility and also switching to LNG for trucks. So global EV
sales this year are set to be around 17 million, and more than 10
million of those are in China. The future starts to look very
different from the past. Over the period to 2035, under today's
policy settings, demand in other countries steps up,” added
Gould.
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