Tax Incentives To Supercharge U.S. Clean Energy Transition.
By Tsvetana Paraskova – Jun 18, 2023
The U.S. Administration this week issued a much-anticipated guidance on tax credits in the Inflation Reduction Act (IRA), giving access to tax credits to local governments and non-profits to join the clean energy transition.
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have released guidance on key provisions in the IRA to expand the reach of the clean energy tax credits and help build projects more quickly and affordably.
Switzerland cuts Fossil Fuel.
Switzerland introduces a new climate bill designed to cut fossil fuel use to reach net zero carbon emissions by 2050.
India’s Oil Demand Set For Record High Despite Dipping In April.
By Charles Kennedy – Jun 19, 2023
India’s crude oil imports fell slightly in April from a month earlier and refinery intake dipped month-on-month, according to data from the Joint Organizations Data Initiative (JODI), but on the following month of May, the world’s third-largest crude oil importer saw record fuel demand.
In April, Indian crude oil imports dropped by 55,000 barrels per day (bpd) month-on-month, JODI data showed on Monday. But crude imports in February and March were much higher than in the same months of 2022 and the five-year average between 2018 and 2022, according to the data in JODI, which compiles self-reported data from many countries.
The World’s Energy System.
The world’s energy system is ‘no longer fit for purpose,’ says the Energy Council.
https://www.cnbc.com/2023/06/08/world-energy-council-world-energy-system-not-fit-for-purpose.html
Key Points:
- The council’s most recent report forecasts that around half of the global energy system will still not be electrified by 2050, which would mark a blow to many governments’ net-zero pledges.
- Following the onset of the Covid-19 pandemic, global energy markets have also been impacted by a series of setbacks.
- Forty-six countries are pricing emissions by means of carbon taxes or other emissions trading programs, according to data last year from the International Monetary Fund.
The world’s energy system is no longer “fit for purpose,” according to World Energy Council CEO Angela Wilkinson, who alluded to lackluster momentum toward a planned green energy transition.
“The most recent pulse from April shows that the world energy system is no longer fit for purpose,” Wilkinson told CNBC’s “Squawk Box Asia” Wednesday, in reference to the findings from her organization’s Energy Pulse reports which offer snapshots of trends across the energy ecosystem.
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