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CORONA IMPACT
Global energy demand amidst pandemic Even as demand for major fuels plunged globally in the first quarter of 2019 due to the COVID-19 pandemic, renewables gained fresh impetus indicates IEA’s Global Energy Review 2020. Shraddha Kakade, Assistant Editor - ETN summarizes key findings of the IEA report. in the Q1 2020, and the only source that recorded a growth in demand amidst the pandemic. “Only renewables are holding up during the previously unheardof slump in electricity use,” said Dr Fatih Birol, IEA Executive Director, commenting on the growth posted by renewables. Analysis from IEA data through mid-April shows that countries in full lockdown are experiencing an average 25 percent decline in Global energy demand amidstenergy COVID-19 pandemic demand per week, and countries in partial lockdown, a decline Even as demand for major fuels plunged globally in the first quarter of the year due to the on an average 18 percent. COVID-19 pandemic, renewables gained fresh impetus - indicates IEA’s Global Energy In China, where the COVID-19 Review 2020. lockdown was first implemented with Image for representation only around eight weeks of lockdown in Shraddha Kakade he global energy demand coal was the hardest hit—observing Q1 2020, the drop in energy demand Assistant Editor, ETN 8 percent relative was the most, i.e. seven percent in declined by 3.8 percent in the a drop by almost first quarter of 2020, with the to Q1 2019. Oil demand was neg- comparison with Q1 2019. In the United States, energy power mix shifting towards renew- atively impacted too, and declined The by global energy demand declined percent infell theby firstsix quarter of 2020, percent com-with the ables across all major regions in the nearly 5 percent in the by first3.8 demand power mix shifting towards renewables across all major regions in the world. world. quarter. However, the impact of the pared with Q1 2019. However, the the month of March was In April, IEA released the, ‘Global pandemic on global demand In April, IEA released the, gas ‘Global Energy decline Review in2020’ a comprehensive report that estimated the impact of the COVID-19 crisis on energy demand and CO2 emissions. notglobal only due to COVID-19 lockdown Energy Review 2020’ a comprewas more moderate, at around The 2report is based on data collected from 30but countries, representing more than two-thirds also because of milder weather. hensive report that estimated the percent, as gas-based economies of global energy demand. impact of the COVID-19 crisis on were not strongly affected in Q1 2020. In the European Union, energy demand fell demand by 5 percent global energy demand and COLooking The news, however, is that at agood full-year impact, IEA report estimates, energy will fall in by comsix percent – 2 parison crisis. with Q1 2019. emissions. The report is based on renewable the seven times the remained decline after thebright 2008 spot global financial data collected from 30 countries, representing more than two-thirds of global energy demand. Looking at a full-year impact, IEA report estimates, energy demand will fall by six percent – seven times the decline after the 2008 global financial crisis. ‘In absolute terms, the decline is equivalent of losing the entire energy demand of India, the world’s third-largest energy consumer,’ IEA stated. According to the IEA analysis, the demand for all major fuels plunged following the announcement of lockdown (partial or comAnnual energy demand seethe the worst decline plete) by countries around the Annual energy demanddrop drop could could see worst decline sincesince WorldWorld War II. War II. Source: 2020 world. The global demand for Source: IEAIEA 2020
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| May-June 2020
‘In absolute terms, the decline is equivalent of losing the entire energy demand of India, the
