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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
Renewable energy is becoming ever more the energy of choice across the globe. Check out the IEA's latest Renewable Energy report and Data Explorer to see the steady and increasing advancement of this energy of the future!
Vietnam, as one of the most vulnerable countries to climate change, is set to develop a roadmap to implement market-based carbon pricing tools as part of its effort to reduce greenhouse gas (GHG) emissions. The Ministry of Natural Resources and Environment (MoNRE) has proposed adding the carbon market to the revised draft Law on Environmental Protection. The National Assembly is expected to approve the draft law at the upcoming 10th session.
How can first movers from across the maritime value chain lower economic, technical, and regulatory barriers to zero-emission shipping? Learn more in a new report by Energy Transitions Commission for the Getting to Zero Coalition. The Getting to Zero Coalition is a partnership between the Global Maritime Forum, the Friends of Ocean action, and the World Economic Forum. The Coalition brings together decision-makers from across the shipping value chain with key stakeholders from the energy sector as well as from governments and IGOs.
Created an Event in Sustainable Finance, Energy
What does glass shortage have to do with renewable energy acceleration?
Created an Event in Energy
EU Renovation Wave: doubling the renovation rate to cut emissions, boost recovery and reduce energy poverty.
The European Commission has published its Renovation Wave Strategy to improve the energy performance of buildings. The Commission aims to at least double renovation rates in the next ten years and make sure renovations lead to higher energy and resource efficiency.
IDB Invest has made a $5 million equity investment in Ignite Holding Company (Kingo Energy), a provider of prepaid solar energy to homes and small businesses in rural communities not connected to the electricity grid. The funds will help Kingo Energy to finance its growth business plan, through its operational subsidiaries in Guatemala and Colombia, and improve its business model. Kingo Energy’s business model in Latin America combines Solar Home Systems with a pay-as-you-go service for the base-of-the-pyramid in remote rural communities.
This is an interesting graph from the IEA's recent World Energy Outlook - when the pace of our daily lives slows down due to outside effects like COVID-19, the difference in energy demand is extraordinary. How can we beat the horrendous impacts of COVID-19 but keep our energy demand down?