A Global Look Ahead At New Energy

World Energy Outlook 2020 shows how the response to the Covid crisis can reshape the future of energy

13 October 2020 (International Energy Agency)

“…The Covid-19 crisis has caused more disruption than any other event in recent history…But whether this upheaval ultimately helps or hinders efforts to accelerate clean energy transitions and reach international energy and climate goals will depend on how governments respond to today’s challenges…[The World Energy Outlook 2020] provides the latest IEA analysis of the pandemic’s impact: global energy demand is set to drop by 5% in 2020, energy-related CO2 emissions by 7%, and energy investment by 18%...[It shows] how the energy sector could develop…

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…[Renewables meet 80% of global electricity demand growth over the next decade in] the Stated Policies Scenario, which reflects today’s announced policy intentions and targets, [and] global energy demand rebounds to its pre-crisis level in early 2023…[T]his does not happen until 2025 in the event of a prolonged pandemic and deeper slump, as shown in the Delayed Recovery Scenario. Slower demand growth lowers the outlook for oil and gas prices compared with pre-crisis trends. But large falls in investment increase the risk of future market volatility…

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…[Countries and companies hitt their announced net-zero emissions targets on time and in full, bringing the entire world to net zero by 2070 in the Sustainable Development Scenario…As well as rapid growth of solar, wind and energy efficiency technologies, the next 10 years would see a major scaling up of hydrogen and carbon capture, utilisation and storage, and new momentum behind nuclear power…[I]n the new Net Zero Emissions by 2050 case, would demand a set of dramatic additional actions over the next 10 years. Bringing about a 40% reduction in emissions by 2030 requires, for example, that low-emissions sources provide nearly 75% of global electricity generation in 2030, up from less than 40% in 2019 – and that more than 50% of passenger cars sold worldwide in 2030 are electric, up from 2.5% in 2019…” click here for more

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