Coronavirus response can ‘reshape the future of energy,’ IEA says in annual report
Going forward, IEA believes that renewables will take “starring roles,” and solar will take “center stage,” driven by supportive government policies and declining costs.
“I see solar becoming the new king of the world’s electricity markets,” said Fatih Birol, IEA’s executive director. “Based on today’s policy settings, it is on track to set new records for deployment every year after 2022.”
On the other hand, IEA forecasts that coal demand will not return to pre-coronavirus levels, and that it will account for less than 20% of energy consumption by 2040, for the first time since the Industrial Revolution. Oil will remain “vulnerable to the major economic uncertainties resulting from the pandemic,” with demand starting to decline after 2030, the agency said.
Due to the ongoing impacts of Covid-19, the IEA expects global energy demand to fall by 5% in 2020, with oil and coal consumption falling 8% and 7%, respectively.
Reference: CNBC
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