The European Union relies on foreign companies to supply 80% of its oil imports, according to a new study on the continent’s oil dependency. Russian firms supply more than one-third (36%) of imported crude, and just two of the top 10 oil suppliers to the EU are European – Shell and Norway’s Statoil.
When oil prices were rising fast, some 10 years ago, the idea of ‘peak oil’ re-emerged – the (false) idea that the world’s oil supplies were about to run out. Several recent publications now hint at an entirely different kind of ‘peak oil’ – one caused by shortfall in demand, not supply.
Some of the world’s most valuable forests are still being destroyed in order to make palm oil, of which a considerable portion ends up as biodiesel for use on Europe’s roads. That is the striking message from an investigation by a global alliance of NGOs, including T&E, that has uncovered horrific deforestation in Indonesia’s pristine rainforest in the remote province of Papua. T&E says this highlights the urgent need for the EU to correct the anomalies in European legislation that allow climate-harming biofuels to count towards climate targets.
National emissions-reduction targets proposed for the transport, agriculture and buildings sectors include loopholes that would put their delivery at serious risk, environmental groups have warned. The regulation proposed by the European Commission will determine how member states share the burden of meeting the EU’s climate goals by 2030.
Fears that Europe’s transport is still lagging behind other industrial sectors in tackling climate change have been confirmed by the latest data from the European Environment Agency (EEA). Its data show greenhouse gases from transport have grown for the first time since 2007. T&E says the figures are worse than the EEA says, and calls on the EU to take ‘ambitious’ action.
The use of palm oil for biodiesel in Europe spiked to an all-time high in 2014. Forty-five percent of all the palm oil used in Europe powered cars and trucks, data obtained by green group Transport & Environment (T&E) revealed. The figures came from EU vegetable oil industry association Fediol, which confirmed the data after T&E’s publication. This is the first time that the sources of biodiesel in Europe have been made public.
Do you know the feeling when you are having a thought that you know cannot be new but you haven’t heard anywhere before? I had it recently when I was asked to speak at a Carnegie event on a report entitled Oil Market Futures. Essentially the report and event revolved around the question on what ‘Paris’ can mean for future oil prices. And the answer is: a lot. If the world indeed follows through on its climate action commitments, the oil price in 2040 would be 24% lower than under business-as-usual.
The EU’s policy of using biodiesel for transport is set to increase Europe’s overall transport emissions by almost 4% instead of cutting CO2 emissions, according to a new analysis of the European Commission’s latest study on biofuels. These extra emissions are equivalent to putting around 12 million additional cars on Europe’s roads in 2020, the analysis by T&E finds. These findings take into account the EU’s 7% cap on the contribution of biofuels produced from food crops.