Global Energy Demand Is Shrinking: IEA
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The pandemic has caused more disruptions than any other event in recent history, leaving scars that will last for years to come- said Fatih Birol, International Energy Agencies (IEA) Executive director. He was speaking at the launching ceremony of World Energy Outlook 2020, a flagship publication by IEA.
The report explores different ways to get out of the crisis, as it focuses on a crucial period of the next 10 years. Along with that, it traces how the response to the Covid crisis can reshape the future of energy- press release published by IEA stated.
Owing to the difficulties of COVID-19, global energy demand is set to drop by 5 per cent in 2020. Energy-related CO2 emissions and energy investment will decrease by 7 per cent and 18 per cent respectively the report finds. Rebounding to its pre-crisis level doesn't happen until 2025. The report adds, as shown in the "Delayed Recovery Scenario".
While solar energy is becoming the new king of the electricity market, IEA encouraged governments and other stakeholders to step up their clean energy efforts complying Sustainable Development Scenario.
Amid increasing death toll, it is another major report regarding formidable challenges that the world faced due to COVID-19.
