By Anadolu Agency
December 25, 2024 4:28 pmAs 2024 winds down, the global energy landscape has been reshaped by a series of developments, ranging from a surge in renewable energy adoption to transformative geopolitical energy strategies and ongoing efforts by OPEC countries to balance oil prices.
The energy landscape was significantly impacted by the ongoing war between Ukraine and Russia and the conflict in the Middle East, prompting countries to diversify energy sources and strengthen energy security while the EU announced new sanctions packages throughout the year.
This year, during COP29, over 30 nations pledged to use nuclear energy to achieve a climate-neutral globe and increase nuclear energy’s role in the global energy mix. Türkiye supported this goal, endorsing a declaration to triple nuclear energy by 2050 and progressing with its Akkuyu Nuclear Power Plant with first power generation expected in 2025.
OPEC+, consisting of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producing countries, extended production cuts through 2026, signaling continued efforts to stabilize oil markets.
Below are the key events shaping the year in energy:
On Jan. 18, China announced the discovery of a lithium mine with nearly one million tons of reserves in Yajiang, Southwest China’s Sichuan Province, according to China’s Xinhua news agency. The discovery is expected to help raw material supply for China’s sprawling electric vehicle sector.
On Jan. 26, the Joe Biden administration in the US decided to temporarily halt the approval process for liquefied natural gas (LNG) exports in response to pressure from environmental groups.
On Feb. 15, the EU approved €6.9 billion ($7.4 billion) in state aid for infrastructure projects to increase the supply of renewable hydrogen.
On March 21, representatives from 30 nations meeting in Brussels pledged to collaborate on extending the lifespan of existing nuclear reactors, fostering investments, building new nuclear power plants and installing small modular reactors. The countries also agreed to build new capacity to meet climate targets and ensure reliable energy supplies.
On May 14, US President Joe Biden signed a bill banning the import of enriched uranium from Russia.
On Aug. 31, Jordan took a major step toward energy security with the construction of its first LNG plant. This project will develop Aqaba’s port facilities and establish an onshore liquefaction plant, boosting the country’s energy independence.
On Sept. 11, Kadri Simson, EU Commissioner for Energy at the time said that following two record years for renewables installations, in the first half of 2024 wind and solar have risen to new highs, overtaking for the first time ever fossil fuels in the bloc’s electricity mix.
On the same day, Turkmenistan and Afghanistan resumed construction work on the Afghan section of a multibillion-dollar Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project, ending an eight-year pause.
On Sept. 30, the UK became the first G7 nation to go coal-free with the closure of its last coal-fired power plant.
On Oct. 4, the UK signed its first carbon capture, usage, and storage (CCUS) project targeting emissions stemming from industries in the East Coast Cluster area.
On Oct. 10, a memorandum of understanding was signed to possibly increase Russian gas supplies to Hungary, Russian gas giant Gazprom said.
On Nov. 11, the annual United Nations climate summit COP29 started in Azerbaijan’s capital Baku, with finance and trade on the agenda. At the summit, where nearly 200 countries held heated discussions for days at end, rich countries set a new target of mobilizing at least $300 billion annually for developing countries by 2035.
This was part of an overall climate financing target to reach ‘at least $1.3 trillion by 2035,’ with the funds to be raised through a wide variety of sources, including public finance and bilateral and multilateral deals.
On Nov. 13, El Salvador, Kazakhstan, Kenya, Kosovo, Nigeria and Türkiye join countries at COP29 endorsing a declaration to triple nuclear energy by 2050.
On Nov. 21, the US administration imposed sanctions on Moscow’s Gazprombank in an attempt to prevent Russia from using the international financial system.
On Nov. 22, the İstanbul Energy Forum, hosted by Anadolu and organized under the auspices of Türkiye’s Energy and Natural Resources Ministry, gathered energy ministers, representatives of local and international NGOs, global organizations, academics, media professionals, and business leaders. The day-long forum is themed ‘Common Future, Common Goals.’
As part of the meeting a high-level panel discussion, moderated by Turkish Minister Bayraktar, brought together Azerbaijan’s Energy Minister Parviz Shahbazov, Bulgarian Energy Minister Vladimir Malinov, Hungary’s Minister of Foreign Affairs and Trade Peter Szijjarto, Moldova’s Energy Minister Victor Parlicov, Libya’s Oil and Gas Minister Khalifa Rajab Abdulsadek, Serbia’s Energy, Mines Minister Dubravka Djedovic Handanovic, and Uzbekistan’s Energy Minister Jurabek Mirzamahmudov.
On Dec. 2, Russian energy giant Gazprom announced that Russian gas deliveries to China via the Power of Siberia pipeline have been ramped up at China’s request, reaching maximum capacity.
On the same day, the 5,111-kilometer ‘Eastern Route’ pipeline, designed to deliver Russian natural gas from Eastern Siberia to China’s populous north and east, began operations.
On Dec. 3, Libya’s National Oil Corporation (NOC) announced that Libya’s crude oil and gas production exceeded 1.6 million barrels per day (bpd), the highest level since 2013.
On Dec. 5, OPEC+ decided to extend its 2 million bpd production cut until the end of 2026. The group also decided to extend the voluntary production cut of 1.65 million bpd implemented by some OPEC+ member countries until the end of 2026.
Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman voluntarily agreed to an additional production cut of 2.2 million bpd until the end of March 2025. The voluntary production cuts will be phased out between April 2025 and September 2026.
On the same day, Russian President Vladimir Putin canceled an obligation to pay Gazprombank for Russian gas exports. Accordingly, companies are no longer obliged to make payments for Russian gas to Gazprombank, while payments can be made through third-party banks.
On Dec. 16, the EU adopted a new sanctions package, aiming to further restrict Russia’s ability to continue its ‘illegal, unprovoked, and unjustified’ war of aggression against Ukraine. The EU also imposed sanctions on Russian defense and shipping companies, including those transporting crude oil and oil products. It targeted a chemical plant and a civil airline providing logistical support to the Russian military.
On Dec. 17, The UK announced new sanctions on 20 vessels, as part of the so-called ‘shadow fleet,’ carrying Russian oil and two key entities, 2Rivers DMCC and 2Rivers PTE LTD, which have facilitated the trade of Russian oil.
On the same day, the US Department of Energy (DOE) unveiled a highly anticipated study on the economic and environmental impacts of LNG exports. The study comes nearly a year after current US President Joe Biden paused all pending decisions on US LNG export projects in January.
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