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The planet’s demand for electricity is set for a strong rebound this year and next after dropping by approximately 1% in 2020, according to a new publication from the International Energy Agency.

Released Thursday, the IEA’s Electricity Market Report forecasts that global electricity demand will jump by nearly 5% in 2021 and 4% in 2022 as economies around the world look to recover from the effects of the Covid-19 pandemic.

The Paris-based organization’s report notes that although electricity generation from renewables “continues to grow strongly” — it’s set to rise by 8% this year and over 6% in 2022 — it can’t keep up with increasing demand.

The IEA said renewables were “expected to be able to serve only around half of the projected growth in global demand in 2021 and 2022.” At the other end of the spectrum, electricity generation based on fossil fuels was “set to cover 45% of additional demand in 2021 and 40% in 2022.”

When it comes to carbon dioxide emissions from the electricity sector, the IEA’s report forecasts a rise of 3.5% this year and 2.5% in 2022.

Looking at the overall picture, fossil fuels remain dominant when it comes to electricity generation. Last year, coal was responsible for 34% of generation worldwide, while gas accounted for 25%, the IEA said. Renewables and nuclear combined to take a 37% share.

“Renewable power is growing impressively in many parts of the world, but it still isn’t where it needs to be to put us on a path to reaching net-zero emissions by mid-century,” Keisuke Sadamori, the IEA’s director of energy markets and security, said in a statement.

“As the economy rebounds after the pandemic, we’ve seen a surge in electrical generation from fossil fuels,” Sadamori added. “To shift to a sustainable trajectory, we need to massively step up investment in clean energy technologies — especially renewables and energy efficiency.”

The shadow of the Paris Agreement, which aims to “limit global warming to well below 2, preferably to 1.5 degrees Celsius, compared to pre-industrial levels,” looms large over the discussions about net-zero goals.

Cutting human-made carbon dioxide emissions to net-zero by 2050 is seen as crucial when it comes to meeting the 1.5 degrees Celsius target.

Later this year, the COP26 climate change summit will take place in the Scottish city of Glasgow. It’s seen as a crucial event, with many hoping it will act as a catalyst for governments to step up their climate ambitions in order to meet the targets set out in the Paris accord.

While there is a sense of urgency about COP26, the reality on the ground shows just how big a challenge achieving climate-related goals will be in the years ahead.

Energy companies are still discovering new oil fields, for example, while in countries such as the U.S., fossil fuels continue to play a significant role in electricity production. 

Back at the global level, in its latest report the IEA expects coal-fired electricity generation to rise “by almost 5% in 2021 and a further 3% in 2022, after having declined by 4.6% in 2020.”

“As a result, coal-fired electricity generation is set to exceed pre-pandemic levels in 2021 and reach an all-time high in 2022,” it adds.

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Trump says he wants to negotiate a nuclear deal with Iran after imposing ‘maximum pressure’

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February 5, 2025

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Trump says he wants to negotiate a nuclear deal with Iran after imposing ‘maximum pressure’

U.S. President Donald Trump speaks as he signs documents in the Oval Office at the White House in Washington, U.S. Feb. 4, 2025. 

Elizabeth Frantz | Reuters

President Donald Trump on Wednesday said he wants to negotiate a nuclear deal with Iran after reimposing a “maximum pressure” campaign on the Islamic Republic.

Trump said in a Truth Social post that work should begin on such a deal “immediately.” The president said reports that the U.S. and Israel are working together to attack Iran are exaggerated.

“I would much prefer a Verified Nuclear Peace Agreement, which will let Iran peacefully grow and prosper,” Trump said in the post. The president withdrew the U.S. in 2018 from the nuclear deal negotiated by President Barack Obama, called the Joint Comprehensive Plan of Action.

The president’s comments come a day after he signed a memorandum reimposing a maximum pressure campaign on the Islamic Republic. The memorandum directed the secretaries of State and Treasury to implement a campaign to drive Iran’s oil sales to zero, including exports to China.

OPEC member Iran is the third biggest oil producer in the cartel. U.S. crude oil and global benchmark Brent futures were trading more than 1% lower on Wednesday morning.

Trump told reporters in the Oval Office on Tuesday that he was unhappy to sign the memorandum and hoped “it’s not going to have to be used in any great measure at all.”

“We don’t want to be tough on Iran, we don’t want to be tough on anybody but they just can’t have a nuclear weapon,” Trump said. The president said he would be willing to talk to his Iranian counterpart when asked by reporters Tuesday.

Trump’s overture to Iran will be complicated by his unprecedented statements on the future of Palestinians and the Gaza Strip. The president said Tuesday during a news conference with Israel Prime Minister Benjamin Netanyahu that Palestinians should leave the Gaza Strip so the U.S. can take the enclave over and rebuild it.

Gaza has been devastated after Israel’s more than yearlong war in the enclave, launched in response to the militant group Hamas’ devastating terrorist attack in southern Israel on Oct. 7, 2023. Israel and Hamas agreed to ceasefire days before Trump took office.

Iran supports Hamas. The Islamic Republic and Israel launched a barrage of strikes against each other twice last year, raising fears that the Middle East would descend into a full-scale regional war.

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Rising star Vammo rides past 1 million battery swaps for electric motorcycles

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February 5, 2025

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Rising star Vammo rides past 1 million battery swaps for electric motorcycles

Vammo, a battery-swapping service for electric motorcycles in Latin America, has just announced that the company has surpassed an impressive 1 million battery swaps in a little over a year.

The company has built its service around a combination of VMoto electric motorcycles and a battery-swapping service designed to keep those motorcycles rolling all day without stopping to charge.

Headquartered in São Paulo, Brazil, Vammo’s electric motorcycles and battery swap cabinets currently serve around 1,800 customers, with that number growing quickly. The service was launched just over a year ago and has already saved its customers a combined US $1.3 million in fuel costs. That’s on top of preventing the release of 3,050 tons of CO2 emissions.

Vammo’s subscription model saves users as much as 50% compared to gasoline-powered motorcycles, translating into annual savings of thousands of dollars. “Not only are we helping to cut carbon emissions by 85%, but we’re also putting significant savings back into the pockets of our customers,” said Jack Sarvary, Vammo’s co-founder and CEO. “Many of our users, especially delivery drivers, are saving as much as $2,000–$4,000 per year, making electric mobility both affordable and sustainable.”

That success has led to rapid growth for the company. Last year alone, Vammo saw 8x growth in both revenue and customer base.

“Our growth demonstrates the power of affordable, clean transportation,” said Billy Blaustein, Vammo’s COO. “We are proving that sustainable mobility can be both accessible and scalable.”

Vammo’s VMoto models have now become the #1 registered electric motorcycle brand in Brazil, likely making the company the top player in Latin America.

Battery swapping for electric motorcycles has gained significant interest in the last few years, especially as Gogoro has expanded its world-leading model for swappable electric scooter batteries. But unlike Gogoro, which built a swappable battery standard and then began persuading other companies to adopt it, Vammo built its service around existing electric motorcycles and their already operational battery designs.

Vammo began operations in São Paulo and has positioned its service as a solution not only for Brazil but also for broader Latin America.

Brazil is uniquely suited for electric motorcycles and battery swapping, as the country not only sells 4x the amount of motorcycles per year as the US, but has some of the cleanest electricity in the world. Over 90% of the country’s electricity is generated by clean sources, primarily hydroelectric power, with wind and solar also contributing to the mix. Compare that to the global average of just 13%.

Vammo is building on its momentum, recently announcing a partnership with app-based taxi provider 99, offering mototaxi drivers access to its electric motorcycles.

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TotalEnergies posts 21% drop in annual profit, targets buybacks of $2 billion per quarter in 2025

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February 5, 2025

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TotalEnergies posts 21% drop in annual profit, targets buybacks of billion per quarter in 2025

Poster and logo on the Coupole Tower, compagny Total’s head office renamed TotalEnergies in 2021 in the La Defense business district west of Paris in Courbevoie, France on 7 June 2024.

Antoine Boureau | Afp | Getty Images

French oil major TotalEnergies on Wednesday reported a sharp drop in full-year earnings, against a backdrop of lower crude prices and weak fuel demand.

The oil and gas giant posted full-year 2024 adjusted net income of $18.3 billion, reflecting a 21% fall from $23.2 billion a year earlier.

Analysts had expected TotalEnergies’ full-year 2024 adjusted net income to come in at $18.2 billion, according to an LSEG-compiled consensus.

The energy major reported better-than-expected fourth-quarter adjusted net income of $4.4 billion, an 8% increase on the previous quarter.

TotalEnergies said it was able to close out the year on a positive note thanks to a strong performance in integrated liquefied natural gas and integrated power.

The results buck a trend of consecutive quarterly losses. TotalEnergies’ adjusted net income had dropped for five straight quarters to notch a three-year low in September last year.

Other earnings highlights:

  • TotalEnergies’ full-year net income came in at $15.8 billion, down from $21.4 billion a year earlier.
  • The company announced a 7% increase in the 2024 dividend to 3.22 euros ($3.35) per share.

In a trading update published last month, TotalEnergies said its fourth-quarter results would likely benefit from a slight increase in hydrocarbon production, stronger gas trading and a modest increase in refining margins.

TotalEnergies announced a 7% increase in the 2024 dividend to 3.22 euros ($3.35) per share and said it will target $2 billion of share buybacks per quarter in 2025.

The company said it expects higher gas prices and robust hydrocarbon production in the first three months of 2025.

Paris-listed shares of TotalEnergies were last seen 1.4% higher during early morning deals.

The world’s top oil and gas companies have seen profits fall from record levels in 2022, when Russia’s full-scale invasion of Ukraine prompted international benchmark Brent crude to jump to nearly $140 per barrel.

Oil prices have since cooled amid faltering global demand, with Brent crude futures averaging $80 per barrel in 2024 — about $2 per barrel less than during the previous year, according to the U.S. Energy Information Administration.

Energy giants have reported mixed fourth-quarter and full-year results amid weaker refining margins and lower crude prices.

U.S. oil giant Exxon Mobil beat Wall Street’s estimate for fourth-quarter profit last week, while U.S. oil producer Chevron and Britain’s Shell both missed analyst forecasts.

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