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The COVID-19 pandemic is a global health crisis that has major implications for world economies, energy use and CO2 emissions. According to the IEA’s World Energy Outlook 2020 report, the immediate effects of the pandemic on the energy system shows expected falls in 2020 of 5% in global energy demand, 7% in energy-related CO2 emissions and 18% in energy investment. Oil consumption is anticipated to decline by 8% and coal use by 7%. However, as with previous crises, the rebound in emissions may be larger than the decline, unless the wave of investments to restart economies is dedicated to cleaner and more resilient energy infrastructure. Decarbonizing energy use in time to avert catastrophic climate change requires increased international cooperation. Recovery measures following COVID-19 pandemic could include flexible power grids, efficiency solutions, electric vehicle charging, energy storage, interconnected hydropower, green hydrogen and other technology investments consistent with long-term energy and climate sustainability.
In line with the Sustainable Development Goals (SDGs), there is a global movement to address these challenges by substantially increasing investment in renewable energy technologies and implementation, doubling the rate of improvement to energy efficiency, and changing user behaviours, with the aim to achieve absolute decoupling between energy consumption and economic growth.
Created a Post in Energy, Industry and Entrepreneurship
Cooling systems are emerging as one of the leading contributors to global warming. Industry needs to pay more attention to the growing demand for cooling, as simple and often low-cost solutions can dramatically reduce industry energy bills and emissions. Download UNIDO's Industrial Cooling Knowledge Kit to learn more:
Created a Post in Energy
Without electricity, you’re powerless in today’s global economy. Distributed energy provides a pathway to economic inclusion and prosperity, this can be done through grid infrastructure. Explore an initiative led by the Rockefeller Foundation, Sustainable Energy for All and Rocky Mountain Institute (RMI) to tackle energy poverty and join the movement.
Net zero by 2050 plan for energy sector is coming. Long-term targets alone is not enough, to reach net zero by 2050 requires a total transformation of our energy infrastructure. Stay tuned for IEA's first comprehensive road map for the entire global energy sector to reach net zero by 2050 to be published in May. Global efforts are required to achieve the change we need.
Environment groups question UK’s carbon capture push
'Carbon capture and storage is a costly “distraction” that cannot be relied on to help meet climate targets, according to research published by two prominent environment groups that questions one of the key “green” technologies backed by Boris Johnson'. Via @FT
Created a Post in Green Recovery from COVID-19, Energy
The 11th session of the IRENA Assembly will take place in a virtual setting from 18 to 21 January. A High-level Panel on Energy Transition for Sustainable Post-COVID Recovery will feature high-level participants including Heads of State, Ministers, heads of international and regional organisations and private actors, who will share their views on the role of the energy transition driven by renewables as a response to the pandemic and draw out strategies to simultaneously advance multiple economic, social and climate priorities. Four Ministerial Plenary sessions will take place, engaging Ministers and High-level participants on specific topics such as National Energy Planning, Finance for Renewables, Renewables and Pathway to Carbon Neutrality and Energising Healthcare.
Created an Event in Energy
Created an Opportunity in Sustainable Finance, Energy, Green Recovery from COVID-19, Climate Change
Created an Event in Energy, Waste Management, Water and Sanitation
South Korea Lenders Will End Support for Coal
Affiliates of one of South Korea’s largest business conglomerates announced they no longer will provide financial support for coal projects, putting in jeopardy plans to finish a 2,100-MW coal-fired power plant project that has been expected to come online in 2024.
The six financial affiliates of the Hanwha Group, during a video conference on Jan. 5, pledged to divest any investments in future coal projects, both in South Korea and elsewhere. The six in a news release also said they “will not purchase any corporate bonds issued for the construction of domestic and foreign coal plants.”
Exxon Discloses Full Scope of Fuel Emissions for First Time
Exxon Mobil Corp. disclosed emissions data on customers’ use of its fuels and other products for the first time after coming under pressure from investors.
The oil giant’s so-called Scope 3 emissions from petroleum-product sales were equivalent to 730 million metric tons of carbon dioxide in 2019, according to the company’s Energy and Carbon Summary released Tuesday. That’s about the same as the entire country of Canada and is the highest of all major Western oil companies.