International Energy Agency says it's the largest recorded drop in human history.
Lockdown represents the biggest shock to the global economy in more than seven decades, and new research says that it's likely to result in a record-breaking 8% annual decline in carbon emissions - the largest decrease in history.
A new report released this week by the International Energy Agency (IEA) provides an almost real-time view of the COVID-19 pandemic’s extraordinary impact across all major fuels. Based on an analysis of more than 100 days of real data so far this year, the IEA’s Global Energy Review includes estimates for how energy consumption and carbon dioxide (CO2) emissions trends are likely to evolve over the rest of 2020.
“Only renewables are holding up during the previously unheard-of slump in electricity use,” said Dr. Fatih Birol, the IEA Executive Director. “It is still too early to determine the longer-term impacts, but the energy industry that emerges from this crisis will be significantly different from the one that came before.”
The Global Energy Review’s projections of energy demand and energy-related emissions for 2020 are based on assumptions that the lockdowns implemented around the world in response to the pandemic are progressively eased in most countries in the coming months, accompanied by a gradual economic recovery.
The report projects that energy demand will fall 6% in 2020. In absolute terms, the decline is unprecedented - the equivalent of losing the entire energy demand of India, the world’s third largest energy consumer.
Advanced economies are expected to see the biggest declines, with demand set to fall by 9% in the United States and by 11% in the European Union. The impact of the crisis on energy demand is heavily dependent on the duration and stringency of measures to curb the spread of the virus. For instance, the IEA found that each month of worldwide lockdown at the levels seen in early April reduces annual global energy demand by about 1.5%.