Weekly Energy Charts
July 08, 2022
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Featured Stories
EV demand surge!
Erica Beattie
Drastic increases in the price of gas and changes in commuting schedules have led to a rise in electric vehicle sales in Canada.
An article in the Financial Post this week describes how electric vehicles accounted for 8.2% of new vehicle registrations in the first quarter of 2022. This number is up from 5% in the previous quarter. Changes to climate policies, limitations on fossil fuels, and sanctions against Russia are all key factors for this rise in demand for EVs. We still have a long way to go, however. Canada’s federal government has pledged to require a minimum of 20% of all new passenger vehicles to be zero-emission by 2026, which is not so far away.
Zero emission new vehicle registrations
It is looking more and more possible that electric vehicles could become the norm. Some obstacles remaining are a lack of charging stations, and the high price of the vehicle itself, especially with rising interest rates.
The EU says Natural Gas and Nuclear are Clean Energy!
Debosree Mukherjee
On Wednesday, the EU voted to keep specific nuclear and natural gas usage in its taxonomy of environmentally sustainable economic activities. The EU taxonomy is a classification system that establishes a list of environmentally sustainable economic activities for investors, policymakers, and companies. This inclusion will affect how projects are funded in the region. The vote follows a plan presented to classify some natural gas and nuclear power as transitional green investments back in February. This decision has been met with mixed reactions from EU countries, lawmakers, and investors. Natural gas has high emissions relative to renewable sources, but is far greener than coal power. Nuclear power does not generate any direct emissions, however it is criticized due to radioactive waste storage issues and there are some GHGs associated with fuel production. Following the vote, the use of natural gas to generate electricity or to heat buildings will be considered sustainable, but other uses may be excluded. This is only approved to 2030 or 2035 depending on the situation. New nuclear plants with latest technologies and modifications to extend life of existing plants may be approved to 2040 or 2045.
Through this inclusion, EU wants to encourage private investment in natural gas and nuclear to transition from dirtier fossil fuels, such as coal, to clean energy. According to the European Climate Law, EU is required to reduce GHG emissions by 55% at the end of the decade to become climate neutral by 2050.
Is nuclear key to net zero?
Marc Vermette
Is nuclear energy a net zero shortcut? The answer may be less certain than you think.
The IEA foresees a key role for nuclear power production, arguing that it will need to double by 2050 on an optimal trajectory to meet emissions targets.
According to the IEA, this increase in nuclear power would help to improve energy security by reducing governments dependence on imported fossil fuels.
However, at this time, almost 65% of nuclear plants in the world are over 30 years old, with many nearing the end of their initially designated operation licences.
On top of this, out of all the reactors that have begun construction since 2017, nearly 90% are either of Russian or Chinese design.
New nuclear plants have also been met with delays, cost over-runs, and negative public opinion.
“A new era for nuclear power is by no means guaranteed [and governments need to] ensure safe and sustainable operation of nuclear plants for years to come […] The nuclear industry must quickly address the issues of cost overruns and project delays.” - Fatih Birol, IEA Executive Director
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