IEA’s Global Energy Review Post-COVID-19
IEA’S Global Energy Review 2020 shows major demand fall in all energy sectors around the world, with one exception being renewables. Demand for both oil and coal was hit hardly, which respectively fell by 5% and 8%. Electricity demand has been significantly reduced because of lockdown measures, with knock-on effects on the power mix, including coal, gas and nuclear power.
The report also gives a look at the full year of 2020. It forecasts all fuels will be affected, with a 5% fall in global electricity demand. Energy sectors post-COVID-19 could see a 9% drop in oil demand, and 8% for coal. Again, renewables being the exception, are forecasted to increase because of low operating costs and preferential access to many power systems.
On the upper side, global CO2 emissions will see the largest ever reduction by 8%, or almost 2.6 gigatonnes (Gt). However, IEA says the rebound may be larger than the decline, unless investors turn to “cleaner and more resilient energy infrastructure”.