International Energy Agency (IEA) has said that lockdown around the world due to coronavirus pandemic has set to cut the energy demand by record amounts.
Media reports said that Global energy demand could slash by 6 percent in 2020 due to the restrictions placed on homes and industry. The cut would lead to a drop in carbon dioxide emissions of 8 percent, six times larger than the biggest fall of 400 million tons recorded in 2009 following the global financial crisis, according to the IEA, which described its estimate as conservative.
according to Paris-based IEA, which advises industrialized nations on energy issues.
agency’s executive director Fatih Birol said “Some countries may delay the lifting of the lockdown, or a second wave of coronavirus could render our current expectations on the optimistic side,” “Given the number of deaths and the economic trauma around the world, this historic decline in global emissions is absolutely nothing to cheer,”
Global natural gas demand could fall by around 5 percent in 2020, while electricity generation fell by 2.6 percent in the first quarter, but renewable power generation rose during the period by 3 percent with new wind and solar projects coming online.
Oil demand fell by 5 percent over the first quarter but could ultimately be the worst hit fuel over 2020, with total demand down as much as 9 percent.
Global oil demand is expected to fall a record 9.3 million barrels per day (bpd) in 2020 and the Organization of the Petroleum Exporting Countries (OPEC) and other top producers like Russia agreed to cuts of almost 10 million bpd, equivalent to about 10 percent of global production, starting on May 1.