Latest news with #cleanEnergy
CTV News
a day ago
- Business
- CTV News
Israel-Iran was was a wake-up call for Asia's dependence on Middle East oil
HANOI, Vietnam — Asia's dependence on Middle East oil and gas — and its relatively slow shift to clean energy — make it vulnerable to disruptions in shipments through the Strait of Hormuz, a strategic weakness highlighted by the war between Israel and Iran. Iran sits on the strait, which handles about 20% of shipments of the world's oil and liquefied natural gas, or LNG. Four countries — China, India, Japan and South Korea — account for 75% of those imports. Japan and South Korea face the highest risk, according to analysis by the research group Zero Carbon Analytics, followed by India and China. All have been slow to scale up use of renewable energy. In 2023, renewables made up just 9% of South Korea's power mix — well below the 33% average among other members of the Organization for Economic Cooperation and Development, or OECD. In the same year, Japan relied more heavily on fossil fuels than any other country in the Group of Seven, or G7. A truce in the 12-day Israel-Iran war appeared to be holding, reducing the potential for trouble for now. But experts say the only way to counter lingering uncertainty is to scale back reliance on imported fossil fuels and accelerate Asia's shift to clean, domestic energy sources. 'These are very real risks that countries should be alive to — and should be thinking about in terms of their energy and economic security,' said Murray Worthy, a research analyst at Zero Carbon Analytics. Japan and South Korea are vulnerable China and India are the biggest buyers of oil and LNG passing through the potential chokepoint at the Strait of Hormuz, but Japan and South Korea are more vulnerable. Japan depends on imported fossil fuels for 87% of its total energy use and South Korea imports 81%. China relies on only 20% and India 35%, according to Ember, an independent global energy think tank that promotes clean energy. 'When you bring that together — the share of energy coming through the strait and how much oil and gas they rely on — that's where you see Japan really rise to the top in terms of vulnerability,' said Worthy. Three-quarters of Japan's oil imports and more than 70% of South Korea's oil imports — along with a fifth of its LNG — pass through the strait, said Sam Reynolds of the Institute for Energy Economics and Financial Analysis. Both countries have focused more on diversifying fossil fuel sources than on shifting to clean energy. Japan still plans to get 30-40% of its energy from fossil fuels by 2040. It's building new LNG plants and replacing old ones. South Korea plans to get 25.1% of its electricity from LNG by 2030, down from 28% today, and reduce it further to 10.6% by 2038. To meet their 2050 targets for net-zero carbon emissions, both countries must dramatically ramp up use of solar and wind power. That means adding about 9 gigawatts of solar power each year through 2030, according to the thinktank Agora Energiewende. Japan also needs an extra 5 gigawatts of wind annually, and South Korea about 6 gigawatts. Japan's energy policies are inconsistent. It still subsidizes gasoline and diesel, aims to increase its LNG imports and supports oil and gas projects overseas. Offshore wind is hampered by regulatory barriers. Japan has climate goals, but hasn't set firm deadlines for cutting power industry emissions. 'Has Japan done enough? No, they haven't. And what they do is not really the best,' said Tim Daiss, at the APAC Energy Consultancy, citing Japan's program to increase use of hydrogen fuel made from natural gas. South Korea's low electricity rates hinder the profitability of solar and wind projects, discouraging investment, a 'key factor' limiting renewables, said Kwanghee Yeom of Agora Energiewende. He said fair pricing, stronger policy support and other reforms would help speed up adoption of clean energy. China and India have done more — but gaps remain China and India have moved to shield themselves from shocks from changing global energy prices or trade disruptions. China led global growth in wind and solar in 2024, with generating capacity rising 45% and 18%, respectively. It has also boosted domestic gas output even as its reserves have dwindled. By making more electricity at home from clean sources and producing more gas domestically, China has managed to reduce imports of LNG, though it still is the world's largest oil importer, with about half of the more than 11 million barrels per day that it brings in coming from the Middle East. Russia and Malaysia are other major suppliers. India relies heavily on coal and aims to boost coal production by around 42% from now to 2030. But its use of renewables is growing faster, with 30 additional gigawatts of clean power coming online last year, enough to power nearly 18 million Indian homes. By diversifying its suppliers with more imports from the U.S., Russia and other countries in the Middle East, it has somewhat reduced its risk, said Vibhuti Garg of the Institute for Energy Economics and Financial Analysis. 'But India still needs a huge push on renewables if it wants to be truly energy secure,' she said. Risks for the rest of Asia A blockade of the Strait of Hormuz could affect other Asian countries, and building up their renewable power generating capacity will be a 'crucial hedge' against the volatility intrinsic to importing oil and gas, said Reynolds of the Institute for Energy Economics and Financial Analysis Southeast Asia has become a net oil importer as demand in Malaysia and Indonesia has outstripped supplies, according to the ASEAN Centre for Energy in Jakarta, Indonesia. The 10-nation Association of Southeast Asian Nations still exports more LNG than it imports due to production by Brunei, Indonesia, Malaysia, and Myanmar. But rising demand means the region will become a net LNG importer by 2032, according to consulting firm Wood Mackenzie. Use of renewable energy is not keeping up with rising demand and production of oil and gas is faltering as older fields run dry. The International Energy Agency has warned that ASEAN's oil import costs could rise from US$130 billion in 2024 to over $200 billion by 2050 if stronger clean energy policies are not enacted. 'Clean energy is not just an imperative for the climate — it's an imperative for national energy security,' said Reynolds. ___ Aniruddha Ghosal, The Associated Press The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
Globe and Mail
a day ago
- Business
- Globe and Mail
Tmc The Metals Company: Wedbush Raises Valuation on Optimism
TMC The Metals Company (TMC) (About (STA Research): Is a Canadian investment research company, consisting of Financial Professionals specializing in advanced stock research and analysis) Wedbush raised their 12 month target price for The Metals Company Inc. from $6 to $11, reflecting a significantly more optimistic view of the company's future. This upward revision is driven by several key factors. First, the recent executive order supporting critical mineral development has bolstered confidence in the regulatory environment, providing a favorable backdrop for the company's deep sea mining operations. Second, The Metals Company has strengthened its balance sheet, improving its financial stability and ability to fund ongoing and future projects. Lastly, there is growing momentum around U.S.-backed initiatives focused on deep sea mining, positioning the company at the forefront of a strategic sector vital to the country's resource independence and clean energy transition. Collectively, these developments enhance the company's long-term growth prospects and justify the more aggressive price target. Stock Forecast & Analysis Analyst sentiment toward The Metals Company (TMC) is cautiously optimistic, with a consensus 'Buy' rating and as 12 month target price forecast of $9 per share. While TMC has strengthened its financial position with $81 million in cash and progress on key permits, it remains a pre-revenue company with projected losses and significant capital needs through 2027. Growth forecasts are strong—around 64% annual earnings growth and over 100% revenue growth—but investors face risks such as regulatory delays, high production costs, and environmental concerns. Overall, while deep-sea mining has strategic backing, it remains a speculative and volatile investment.
Washington Post
a day ago
- Business
- Washington Post
Israel-Iran war highlights Asia's dependence on Middle East oil, and slow progress on clean energy
HANOI, Vietnam — Asia's dependence on Middle East oil and gas — and its relatively slow shift to clean energy — make it vulnerable to disruptions in shipments through the Strait of Hormuz, a strategic weakness highlighted by the war between Israel and Iran. Iran sits on the strait, which handles about 20% of shipments of the world's oil and liquefied natural gas, or LNG. Four countries — China, India, Japan and South Korea — account for 75% of those imports. Japan and South Korea face the highest risk, according to analysis by the research group Zero Carbon Analytics, followed by India and China. All have been slow to scale up use of renewable energy. In 2023, renewables made up just 9% of South Korea's power mix — well below the 33% average among other members of the Organization for Economic Cooperation and Development, or OECD. In the same year, Japan relied more heavily on fossil fuels than any other country in the Group of Seven , or G7. A truce in the 12-day Israel-Iran war appeared to be holding, reducing the potential for trouble for now. But experts say the only way to counter lingering uncertainty is to scale back reliance on imported fossil fuels and accelerate Asia's shift to clean, domestic energy sources. 'These are very real risks that countries should be alive to — and should be thinking about in terms of their energy and economic security,' said Murray Worthy, a research analyst at Zero Carbon Analytics. China and India are the biggest buyers of oil and LNG passing through the potential chokepoint at the Strait of Hormuz, but Japan and South Korea are more vulnerable. Japan depends on imported fossil fuels for 87% of its total energy use and South Korea imports 81%. China relies on only 20% and India 35%, according to Ember , an independent global energy think tank that promotes clean energy. 'When you bring that together — the share of energy coming through the strait and how much oil and gas they rely on — that's where you see Japan really rise to the top in terms of vulnerability,' said Worthy. Three-quarters of Japan's oil imports and more than 70% of South Korea's oil imports — along with a fifth of its LNG — pass through the strait, said Sam Reynolds of the Institute for Energy Economics and Financial Analysis. Both countries have focused more on diversifying fossil fuel sources than on shifting to clean energy. Japan still plans to get 30-40% of its energy from fossil fuels by 2040. It's building new LNG plants and replacing old ones. South Korea plans to get 25.1% of its electricity from LNG by 2030, down from 28% today, and reduce it further to 10.6% by 2038. To meet their 2050 targets for net-zero carbon emissions, both countries must dramatically ramp up use of solar and wind power. That means adding about 9 gigawatts of solar power each year through 2030, according to the thinktank Agora Energiewende. Japan also needs an extra 5 gigawatts of wind annually, and South Korea about 6 gigawatts. Japan's energy policies are inconsistent. It still subsidizes gasoline and diesel, aims to increase its LNG imports and supports oil and gas projects overseas. Offshore wind is hampered by regulatory barriers. Japan has climate goals, but hasn't set firm deadlines for cutting power industry emissions. 'Has Japan done enough? No, they haven't. And what they do is not really the best,' said Tim Daiss, at the APAC Energy Consultancy, citing Japan's program to increase use of hydrogen fuel made from natural gas. South Korea's low electricity rates hinder the profitability of solar and wind projects, discouraging investment, a 'key factor' limiting renewables, said Kwanghee Yeom of Agora Energiewende. He said fair pricing, stronger policy support and other reforms would help speed up adoption of clean energy. China and India have moved to shield themselves from shocks from changing global energy prices or trade disruptions. China led global growth in wind and solar in 2024, with generating capacity rising 45% and 18%, respectively. It has also boosted domestic gas output even as its reserves have dwindled. By making more electricity at home from clean sources and producing more gas domestically, China has managed to reduce imports of LNG, though it still is the world's largest oil importer, with about half of the more than 11 million barrels per day that it brings in coming from the Middle East. Russia and Malaysia are other major suppliers. India relies heavily on coal and aims to boost coal production by around 42% from now to 2030. But its use of renewables is growing faster, with 30 additional gigawatts of clean power coming online last year, enough to power nearly 18 million Indian homes. By diversifying its suppliers with more imports from the U.S., Russia and other countries in the Middle East, it has somewhat reduced its risk, said Vibhuti Garg of the Institute for Energy Economics and Financial Analysis. 'But India still needs a huge push on renewables if it wants to be truly energy secure,' she said. A blockade of the Strait of Hormuz could affect other Asian countries, and building up their renewable power generating capacity will be a 'crucial hedge' against the volatility intrinsic to importing oil and gas, said Reynolds of the Institute for Energy Economics and Financial Analysis Southeast Asia has become a net oil importer as demand in Malaysia and Indonesia has outstripped supplies, according to the ASEAN Centre for Energy in Jakarta, Indonesia. The 10-nation Association of Southeast Asian Nations still exports more LNG than it imports due to production by Brunei, Indonesia, Malaysia, and Myanmar. But rising demand means the region will become a net LNG importer by 2032, according to consulting firm Wood Mackenzie. Use of renewable energy is not keeping up with rising demand and production of oil and gas is faltering as older fields run dry. The International Energy Agency has warned that ASEAN's oil import costs could rise from $130 billion in 2024 to over $200 billion by 2050 if stronger clean energy policies are not enacted. 'Clean energy is not just an imperative for the climate — it's an imperative for national energy security,' said Reynolds. ___ The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
Yahoo
a day ago
- Business
- Yahoo
Israel-Iran war highlights Asia's dependence on Middle East oil, and slow progress on clean energy
HANOI, Vietnam (AP) — Asia's dependence on Middle East oil and gas — and its relatively slow shift to clean energy — make it vulnerable to disruptions in shipments through the Strait of Hormuz, a strategic weakness highlighted by the war between Israel and Iran. Iran sits on the strait, which handles about 20% of shipments of the world's oil and liquefied natural gas, or LNG. Four countries — China, India, Japan and South Korea — account for 75% of those imports. Japan and South Korea face the highest risk, according to analysis by the research group Zero Carbon Analytics, followed by India and China. All have been slow to scale up use of renewable energy. In 2023, renewables made up just 9% of South Korea's power mix — well below the 33% average among other members of the Organization for Economic Cooperation and Development, or OECD. In the same year, Japan relied more heavily on fossil fuels than any other country in the Group of Seven, or G7. A truce in the 12-day Israel-Iran war appeared to be holding, reducing the potential for trouble for now. But experts say the only way to counter lingering uncertainty is to scale back reliance on imported fossil fuels and accelerate Asia's shift to clean, domestic energy sources. 'These are very real risks that countries should be alive to — and should be thinking about in terms of their energy and economic security,' said Murray Worthy, a research analyst at Zero Carbon Analytics. Japan and South Korea are vulnerable China and India are the biggest buyers of oil and LNG passing through the potential chokepoint at the Strait of Hormuz, but Japan and South Korea are more vulnerable. Japan depends on imported fossil fuels for 87% of its total energy use and South Korea imports 81%. China relies on only 20% and India 35%, according to Ember, an independent global energy think tank that promotes clean energy. 'When you bring that together — the share of energy coming through the strait and how much oil and gas they rely on — that's where you see Japan really rise to the top in terms of vulnerability,' said Worthy. Three-quarters of Japan's oil imports and more than 70% of South Korea's oil imports — along with a fifth of its LNG — pass through the strait, said Sam Reynolds of the Institute for Energy Economics and Financial Analysis. Both countries have focused more on diversifying fossil fuel sources than on shifting to clean energy. Japan still plans to get 30-40% of its energy from fossil fuels by 2040. It's building new LNG plants and replacing old ones. South Korea plans to get 25.1% of its electricity from LNG by 2030, down from 28% today, and reduce it further to 10.6% by 2038. To meet their 2050 targets for net-zero carbon emissions, both countries must dramatically ramp up use of solar and wind power. That means adding about 9 gigawatts of solar power each year through 2030, according to the thinktank Agora Energiewende. Japan also needs an extra 5 gigawatts of wind annually, and South Korea about 6 gigawatts. Japan's energy policies are inconsistent. It still subsidizes gasoline and diesel, aims to increase its LNG imports and supports oil and gas projects overseas. Offshore wind is hampered by regulatory barriers. Japan has climate goals, but hasn't set firm deadlines for cutting power industry emissions. 'Has Japan done enough? No, they haven't. And what they do is not really the best,' said Tim Daiss, at the APAC Energy Consultancy, citing Japan's program to increase use of hydrogen fuel made from natural gas. South Korea's low electricity rates hinder the profitability of solar and wind projects, discouraging investment, a 'key factor' limiting renewables, said Kwanghee Yeom of Agora Energiewende. He said fair pricing, stronger policy support and other reforms would help speed up adoption of clean energy. China and India have done more — but gaps remain China and India have moved to shield themselves from shocks from changing global energy prices or trade disruptions. China led global growth in wind and solar in 2024, with generating capacity rising 45% and 18%, respectively. It has also boosted domestic gas output even as its reserves have dwindled. By making more electricity at home from clean sources and producing more gas domestically, China has managed to reduce imports of LNG, though it still is the world's largest oil importer, with about half of the more than 11 million barrels per day that it brings in coming from the Middle East. Russia and Malaysia are other major suppliers. India relies heavily on coal and aims to boost coal production by around 42% from now to 2030. But its use of renewables is growing faster, with 30 additional gigawatts of clean power coming online last year, enough to power nearly 18 million Indian homes. By diversifying its suppliers with more imports from the U.S., Russia and other countries in the Middle East, it has somewhat reduced its risk, said Vibhuti Garg of the Institute for Energy Economics and Financial Analysis. 'But India still needs a huge push on renewables if it wants to be truly energy secure,' she said. Risks for the rest of Asia A blockade of the Strait of Hormuz could affect other Asian countries, and building up their renewable power generating capacity will be a 'crucial hedge' against the volatility intrinsic to importing oil and gas, said Reynolds of the Institute for Energy Economics and Financial Analysis Southeast Asia has become a net oil importer as demand in Malaysia and Indonesia has outstripped supplies, according to the ASEAN Centre for Energy in Jakarta, Indonesia. The 10-nation Association of Southeast Asian Nations still exports more LNG than it imports due to production by Brunei, Indonesia, Malaysia, and Myanmar. But rising demand means the region will become a net LNG importer by 2032, according to consulting firm Wood Mackenzie. Use of renewable energy is not keeping up with rising demand and production of oil and gas is faltering as older fields run dry. The International Energy Agency has warned that ASEAN's oil import costs could rise from $130 billion in 2024 to over $200 billion by 2050 if stronger clean energy policies are not enacted. "Clean energy is not just an imperative for the climate — it's an imperative for national energy security,' said Reynolds. ___ The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at Aniruddha Ghosal, The Associated Press Sign in to access your portfolio
Associated Press
a day ago
- Business
- Associated Press
Israel-Iran war highlights Asia's dependence on Middle East oil, and slow progress on clean energy
HANOI, Vietnam (AP) — Asia's dependence on Middle East oil and gas — and its relatively slow shift to clean energy — make it vulnerable to disruptions in shipments through the Strait of Hormuz, a strategic weakness highlighted by the war between Israel and Iran. Iran sits on the strait, which handles about 20% of shipments of the world's oil and liquefied natural gas, or LNG. Four countries — China, India, Japan and South Korea — account for 75% of those imports. Japan and South Korea face the highest risk, according to analysis by the research group Zero Carbon Analytics, followed by India and China. All have been slow to scale up use of renewable energy. In 2023, renewables made up just 9% of South Korea's power mix — well below the 33% average among other members of the Organization for Economic Cooperation and Development, or OECD. In the same year, Japan relied more heavily on fossil fuels than any other country in the Group of Seven, or G7. A truce in the 12-day Israel-Iran war appeared to be holding, reducing the potential for trouble for now. But experts say the only way to counter lingering uncertainty is to scale back reliance on imported fossil fuels and accelerate Asia's shift to clean, domestic energy sources. 'These are very real risks that countries should be alive to — and should be thinking about in terms of their energy and economic security,' said Murray Worthy, a research analyst at Zero Carbon Analytics. Japan and South Korea are vulnerable China and India are the biggest buyers of oil and LNG passing through the potential chokepoint at the Strait of Hormuz, but Japan and South Korea are more vulnerable. Japan depends on imported fossil fuels for 87% of its total energy use and South Korea imports 81%. China relies on only 20% and India 35%, according to Ember, an independent global energy think tank that promotes clean energy. 'When you bring that together — the share of energy coming through the strait and how much oil and gas they rely on — that's where you see Japan really rise to the top in terms of vulnerability,' said Worthy. Three-quarters of Japan's oil imports and more than 70% of South Korea's oil imports — along with a fifth of its LNG — pass through the strait, said Sam Reynolds of the Institute for Energy Economics and Financial Analysis. Both countries have focused more on diversifying fossil fuel sources than on shifting to clean energy. Japan still plans to get 30-40% of its energy from fossil fuels by 2040. It's building new LNG plants and replacing old ones. South Korea plans to get 25.1% of its electricity from LNG by 2030, down from 28% today, and reduce it further to 10.6% by 2038. To meet their 2050 targets for net-zero carbon emissions, both countries must dramatically ramp up use of solar and wind power. That means adding about 9 gigawatts of solar power each year through 2030, according to the thinktank Agora Energiewende. Japan also needs an extra 5 gigawatts of wind annually, and South Korea about 6 gigawatts. Japan's energy policies are inconsistent. It still subsidizes gasoline and diesel, aims to increase its LNG imports and supports oil and gas projects overseas. Offshore wind is hampered by regulatory barriers. Japan has climate goals, but hasn't set firm deadlines for cutting power industry emissions. 'Has Japan done enough? No, they haven't. And what they do is not really the best,' said Tim Daiss, at the APAC Energy Consultancy, citing Japan's program to increase use of hydrogen fuel made from natural gas. South Korea's low electricity rates hinder the profitability of solar and wind projects, discouraging investment, a 'key factor' limiting renewables, said Kwanghee Yeom of Agora Energiewende. He said fair pricing, stronger policy support and other reforms would help speed up adoption of clean energy. China and India have done more — but gaps remain China and India have moved to shield themselves from shocks from changing global energy prices or trade disruptions. China led global growth in wind and solar in 2024, with generating capacity rising 45% and 18%, respectively. It has also boosted domestic gas output even as its reserves have dwindled. By making more electricity at home from clean sources and producing more gas domestically, China has managed to reduce imports of LNG, though it still is the world's largest oil importer, with about half of the more than 11 million barrels per day that it brings in coming from the Middle East. Russia and Malaysia are other major suppliers. India relies heavily on coal and aims to boost coal production by around 42% from now to 2030. But its use of renewables is growing faster, with 30 additional gigawatts of clean power coming online last year, enough to power nearly 18 million Indian homes. By diversifying its suppliers with more imports from the U.S., Russia and other countries in the Middle East, it has somewhat reduced its risk, said Vibhuti Garg of the Institute for Energy Economics and Financial Analysis. 'But India still needs a huge push on renewables if it wants to be truly energy secure,' she said. Risks for the rest of Asia A blockade of the Strait of Hormuz could affect other Asian countries, and building up their renewable power generating capacity will be a 'crucial hedge' against the volatility intrinsic to importing oil and gas, said Reynolds of the Institute for Energy Economics and Financial Analysis Southeast Asia has become a net oil importer as demand in Malaysia and Indonesia has outstripped supplies, according to the ASEAN Centre for Energy in Jakarta, Indonesia. The 10-nation Association of Southeast Asian Nations still exports more LNG than it imports due to production by Brunei, Indonesia, Malaysia, and Myanmar. But rising demand means the region will become a net LNG importer by 2032, according to consulting firm Wood Mackenzie. Use of renewable energy is not keeping up with rising demand and production of oil and gas is faltering as older fields run dry. The International Energy Agency has warned that ASEAN's oil import costs could rise from $130 billion in 2024 to over $200 billion by 2050 if stronger clean energy policies are not enacted. 'Clean energy is not just an imperative for the climate — it's an imperative for national energy security,' said Reynolds. ___ The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
