International Energy Agency (IEA) Releases “Global Energy Review 2020”

The International Energy Agency (IEA) has released its report with title "Global Energy Review 2020". Read the article to know about the projections made by the report about demand of various energy sources.

| Updated On May 11th, 2020 at 04:37 pm

The International Energy Agency (IEA) has released its report with title “Global Energy Review 2020”. The latest report by IEA is based on an analysis of more than 100 days of real data of year 2020 and hence gives almost real-time view of the Covid-19 pandemic’s extraordinary impact across all major fuels. This report comprises of estimates for how energy consumption and carbon dioxide (CO2) emissions trends are expected to develop over the rest of 2020.

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About International Energy Agency:

The International Energy Agency (IEA) was established in 1974 as the main international forum for energy co-operation on a variety of problems like security of supply, technology collaboration, energy efficiency, sustainability, information transparency, long-term policy, research and development, and international energy relations. Energy security remains a core mission of the organisation. There are also some other areas on which IEA focus, ranging from electricity security to investments as well as climate change, air pollution, and much more.

Global Energy Review 2020:

Global Energy Review 2020 is a report that was recently released by the International Energy Agency. The latest report comprises of estimates made after the analysis of more than 100 days of real data of the year 2020. The projections related to energy demand and energy-related emissions for 2020 mentioned in this report are based on some assumptions such as the lockdowns implemented around the world in response to the pandemic are progressively lifted in most countries in the upcoming months, followed by a gradual economic recovery.

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Key findings of the Global Energy Review 2020:

The report forecasts that energy demand will fall down by 6% in 2020 i.e. seven times the decline after the 2008 global financial crisis. Due to the crisis posed by COVID-19 pandemic, demand of all fuels will be affected in the following manner:

  • Oil demand is expected to drop by 9% which will return oil consumption to 2012 levels.
  • Coal demand is expected to decline by 8%.
  • Gas demand has been projected to fall much further across the 2020 accompanied by reduced demand in power and industry applications.
  • Nuclear power demand would also face downfall of 3% in response to lower electricity demand.
  • Renewables demand is expected to increase due to low operating costs as well as preferential access to many power systems. Hence, it will be the only energy source that will grow in 2020.
  • It has been forecasted that global demand for biofuels is set to drop substantially in 2020 due to restrictions on transport and travel reduce road transport fuel demand, including for blended fuels.
  • The report has also projected that electricity demand will fall by 5% globally.
What is a Debenture? Credit Rating Agencies in India IMF releases “World Economic Outlook”

Conclusion:

After considering the impacts of crisis caused by COVID-19 pandemic all around the world as well as the above projections, especially the declines in coal and oil use, the global energy-related CO2 emissions are well set to drop by almost 8% in year 2020. Hence, global energy-related CO2 emissions will reach their lowest level since 2010 and would be the largest decrease in emissions ever recorded.

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