MOSCOW (Sputnik) – The global energy demand will fall by 6 percent in 2020 in what might be the biggest drop in 70 years, and the worldwide CO2 emissions will decrease by 8 percent over the COVID-19 pandemic, the International Energy Agency said in a report.
“The result of such a scenario is that energy demand contracts by 6%, the largest in 70 years in percentage terms and the largest ever in absolute terms. The impact of Covid‑19 on energy demand in 2020 would be more than seven times larger than the impact of the 2008 financial crisis on global energy demand,” the report said.
The IEA expects that advanced economies will witness the biggest declines, with a 9-percent and 11-percent drop in the energy demand in the United States and the European Union, respectively.
According to the IEA, the CO2 emissions will sink by 8 percent, the oil demand by 9 percent and the coal demand by 8 percent.
Within the context, low-carbon sources are expected to ensure 40 percent of global electricity generation and coal will account for 34 percent.
As a result, this trend will affect demand for electricity from coal and natural gas, the combined share of which in the global power mix is expected to fall by three percentage points in 2020 — the highest drop since 2001. Meanwhile, coal-fired power generation is set to decrease by more than 10 percentage points in 2020.
However, the increase in renewables demand is set to be lower than in previous years. Nuclear power demand is expected to fall by three percentage points in 2020 from the all-time high it reached in 2019. In addition, global demand for biofuels is set to fall substantially in 2020 as restrictions on transport and travel amid COVID-19 reduce road transport fuel demand, including for blended fuels.
The global electricity demand is expected to drop by 5 percentage points, the largest drop since the Great Depression in the 1930s, and up to 10-percent decrease in some regions. According to the report, nationwide lockdowns introduced in a bid to curb the pandemic, have pushed down electricity demand by 20 percentage points or more.
The report added that natural gas demand is expected to decline by 5 percentage points in 2020 following 10 years of uninterrupted growth, marking the largest recorded year-on-year drop in consumption.
In general, the report established that as of April, each month of worldwide lockdown reduces annual global energy demand by about 1.5 percentage points.