Global energy demand will drop by 6% in 2020, unprecedented

Release Time:2020-05-21 00:48Views:

According to data from the International Energy Agency (IEA), global energy demand will decline by 6% by 2020, which is seven times the decline after the global financial crisis in 2008.

The IEA global energy assessment says global electricity demand will fall by 5%.

The report said the absolute decline was unprecedented, equivalent to the loss of all energy demand in India, the world's third largest energy consumer. Developed economies are expected to see the biggest drop, with demand in the US and the EU falling by 9% and 11%, respectively.

"This is a historic impact on the entire energy world," said Fatih Birol, executive director of the International Energy Agency. In today's unprecedented health global public health crisis, demand for almost all major fuels, especially coal, oil and gas, has declined dramatically. Only renewables can survive the unheard of decline in electricity use. "

According to the report, changes in electricity use during the shutdown period affected by the outbreak resulted in a significant decline in overall electricity demand. At the same time, shutdown measures are driving a major shift to low-carbon power, including wind, solar photovoltaic, hydropower and nuclear power.

IEA reports that after surpassing coal for the first time in 2019, low-carbon energy will expand its leading position this year, reaching 40% of global power generation, 6 percentage points ahead of coal. And driven by new projects completed in 2019 and early 2020, wind and solar photovoltaic power generation will continue to increase in 2020.

Source: Sinopec news

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