. The Covid-19 pandemic has caused more disruption to the energy sector than any other event in recent history, leaving impacts that will be felt for years to come. This Outlook explores different pathways out of the Covid-19 crisis, with a particular focus on a pivotal next ten years to 2030. At this hugely consequential moment for the energy sector and for the urgent global response to climate change, the WEO-2020 illustrates the historic nature of the choices, opportunities and pitfalls that will shape where we go from here.
Report’s assessment is that global energy demand is set to drop by 5% in 2020, energy-related CO2 emissions by 7%, and energy investment by 18%. The impacts vary by fuel. The estimated falls of 8% in oil demand and 7% in coal use stand in sharp contrast to a slight rise in the contribution of renewables. The reduction in natural gas demand is around 3%, while global electricity demand looks set to be down by a relatively modest 2% for the year.
The new Net Zero Emissions by 2050 case (NZE2050) extends the SDS analysis. A rising number of countries and companies are targeting net-zero emissions, typically by midcentury. All of these are achieved in the SDS, putting global emissions on track for net zero by 2070. The NZE2050 includes the first detailed IEA modelling of what would be needed in the next ten years to put global CO2 emissions on track for net zero by 2050.
The era of growth in global oil demand comes to an end within ten years, but the shape of the economic recovery is a key uncertainty. In both the STEPS and the DRS, oil demand flattens out in the 2030s. However, a prolonged economic downturn knocks more than 4 million barrels per day (mb/d) off oil demand in the DRS, compared with the STEPS, keeping it below 100 mb/d.APSC Notes brings Prelims and Mains programs for APSC Prelims and APSC Mains Exam preparation. Various Programs initiated by APSC Notes are as follows:-
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