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World is in its ‘first truly global energy crisis’: IEA head

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CGTN:- Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of “the first truly global energy crisis,” Faith Birol, the head of the International Energy Agency (IEA), said on Tuesday.

Rising imports of LNG to Europe amid the Ukraine conflict and a potential rebound in China’s need for the fuel will tighten the market as only 20 billion cubic meters of new LNG capacity will come to market next year, Birol said during the 15th Singapore International Energy Week.

The recent decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, to cut 2 million barrels per day (bpd) of output is a “risky” decision as the IEA sees global oil demand growth of close to 2 million bpd this year, he said.

For oil, consumption is expected to grow by 1.7 million bpd in 2023 so the world will still need Russian oil to meet demand, he said.

However, the energy crisis could be a turning point for accelerating clean sources and for forming a sustainable and secured energy system, Birol said.

“Energy security is the number one driver (of the energy transition),” said Birol, as countries see energy technologies and renewables as a solution.

The IEA has revised up the forecast of renewable power capacity growth in 2022 to a 20 percent year-on-year increase from 8 percent previously, with close to 400 gigawatts of renewable capacity being added this year.

Many countries in Europe and elsewhere are accelerating the installation of renewable capacity by cutting the permitting and licensing processes to replace the Russian gas, Birol said.

(With input from Reuters)

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Hopes rise for possible truce as Gaza conflict nears 7th month

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Israel is set to send a delegation to Cairo for talks with Hamas on a new ceasefire proposal aimed at securing the release of hostages held in Gaza as the conflict lingers on for nearly seven months now.

The delegation, composed of security officials, will depart on Tuesday to discuss the deal with Egyptian brokers, an Israeli government source told Xinhua.

A Hamas delegation left Egypt after the talks and will “return with a written response” to the latest truce proposal, according to Egyptian sources quoted by Al-Qahera News, a site also linked to Egyptian intelligence services.

Abdul Latif al-Qanou, a spokesman for Hamas, said on Monday in a statement that “ensuring a permanent ceasefire is a fundamental cornerstone for moving towards the details of negotiations and the success of the agreement with the Israeli occupation.”

According to the Israeli state-owned Kan TV, in the revised proposal, Israel has agreed to reduce the number of hostages it demands to be released to 33.

Israel initially insisted that Hamas release a minimum of 40 hostages but altered its position upon learning that the actual number of surviving hostages was below 40.

Speaking on Monday at a World Economic Forum meeting in Riyadh, Saudi Arabia, Egyptian Foreign Minister Sameh Shoukry said Egypt was hopeful about a proposal for a truce and the release of hostages, but awaiting responses from Israel and Hamas.

“We are hopeful the proposal has taken into account the positions of both sides, has tried to extract moderation from both sides, and we are waiting to have a final decision,” Shoukry said.

A Palestinian official close to mediation efforts told Reuters: “Things look better this time,” but declined to say whether an agreement was imminent.

Israel’s military operation to eradicate Hamas has killed at least 34,480 Palestinians and wounded 77,643, according to Gaza’s health authorities. It has displaced most of the Palestinian enclave’s 2.3 million people and laid much of the area to waste.

The campaign was triggered by the October 7 attack on Israel in which Hamas militants killed 1,200 people and took 253 hostages, according to Israeli tallies.

The conflict has brought Gaza to the brink of famine, United Nations and humanitarian aid groups say, while reducing much of the territory to rubble and raising fears of a wider regional conflict.

High temperatures in crowded Rafah have turned makeshift shelters made from plastic tarps into sweltering ovens. The UN has warned of diseases spreading.

Source(s): CGTN

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Investor confidence boosted with election win: Minister Saeed

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Minister of Economic Development and Trade Mohamed Saeed on Monday, has said investor confidence boosted significantly following ruling party’s victory in the recent parliamentary election.

The minister made these remarks at the ‘World Economic Forum’ held in Saudi Arabia, where he emphasized the importance of investors in sustainable development.

“Sustainable development is not about saving the post cards of Maldives for later, but about bringing the developmental vision, funds, and technology by investors without hesitance,” Minister Saeed said.

In relation to this, Saeed said on X that President Dr. Mohamed Muizzu’s vision is to increase the renewable energy infrastructure in the Maldives, which would positively impact the country’s economy.

He further highlighted growing popularity towards the developmental vision of President Dr. Muizzu.

The results of last Sunday’s parliamentary election show ruling PNC securing 66 seats, thereby becoming the parliament’s majority party.

Source(s): sun.mv

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Fushidhiggaru project ongoing, will finish on time: Government

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The Maldives government on Sunday assured Fushidhiggaru reclamation project, a key initiative under the vision of President Dr. Mohamed Muizzu, has not stalled and would be completed on the scheduled date.

President’s Office Chief Spokesperson Heena Waleed confirmed this on Sunday at a press conference, while providing details on other government initiatives.

The state has responded about the large-scale development project amid speculation in social media and by political opponents, claiming the initiative has stalled.

In response, Heena highlighted that the sand dredging in the project is currently on pause, stressing this was not indicative of the entire project being halted.

“I would like to ask, if they gauge the ongoing status of a capacity based on whether sand dredging is ongoing or not. Although sand dredging has stopped, there would be several other associated components of the project that requires attention and execution,” Heena commented.

She further said the project requires administrative and other work, all of which, she added, were ongoing.

“In response, I would like to reply that the Fushidhiggaru project has not stalled, it is ongoing. The project would conclude as per the scheduled date announced by the President,” she said.

Under the large-scale development project, 1,153 hectares of land will be reclaimed, which is thrice the combined size of Hulhumale’ Phase I and II.

The iniatiative commenced officially on December 18, 2023 while the Maldives President assured the reclamation component will conclude within eight months from the date of commencement.

Source(s): sun.mv

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