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Our special report on clean energy innovation is out!

It shows the stark disconnect between aims for deep cuts in emissions & the current state of energy technologies.

Achieving global energy & climate goals requires a big acceleration in innovation ➡️ iea.li/31Ilitk
Energy efficiency & renewables are fundamental for clean energy transitions.

But about 1/3rd of the CO2 emissions reductions needed to move the 🌍 onto a sustainable path would come from technologies that haven’t yet reached the market today.

More ➡️ iea.li/2ZssCa3
Our new report – the 1st in @IEA’s revamped Energy Technology Perspectives series – examines how to speed up innovation to meet energy & climate goals while enhancing energy security

This includes a guide to the status of 400+ clean energy technologies ➡️ iea.li/38jq6qx
Right now, clean energy innovation is under threat. A recent @IEA survey found that R&D budgets for key technologies are likely to be cut as a result of the #Covid19 crisis.

Now is not the time to weaken support for energy innovation. If anything, it is time to strengthen it.
Our report stresses the importance of making sure crucial clean energy solutions are ready at the start of multi-decade investment cycles in key industries.

Doing so could create huge markets for new technologies & avoid locking in vast amounts of emissions for decades to come.
Alongside our Sustainable Recovery Plan, this energy innovation report will be a key part of discussions at the @IEA Clean Energy Transitions Summit on 9 July.

Over 40 Ministers & high-level figures from countries representing 80% of 🌏 energy & emissions will attend.
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Fatih Birol
@IEABirol
Today, @IEA is presenting a Sustainable Recovery Plan for the next 3 years that would enable governments to boost economic growth, create millions of jobs & make 2019 the definitive peak in global emissions.

Our new report based on analysis with @IMFNews: iea.li/2YImM3O
Our Sustainable Recovery Plan offers a roadmap to achieve major results, including:

1️⃣ Add 1 percentage point to global GDP growth each year
2️⃣ Save or create roughly 9 million jobs a year
3️⃣ Make 2019 the definitive peak in global emissions

Read more ➡️ iea.li/37D6JIC
Based on analysis of over 30 specific policy actions & targeted investments, our Sustainable Recovery Plan would create jobs in key areas including:

☀️ Deploying renewables like wind & solar
🏘️ Improving energy efficiency in buildings
⚡️ Upgrading & expanding electricity grids
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Fatih Birol
@IEABirol
The #Covid19 pandemic is the biggest shock to the global energy system in over 70 years.

Global energy demand is set to fall 6% in 2020, seven times greater than the drop in the wake of the 2009 crisis.

@IEA’s new Global Energy Review has more → iea.li/2YhHb0Z

THREAD
Coal is set for the largest decline since WWII alongside sharp reductions for oil & gas.

Nuclear power is less affected, while renewables are the only energy source on the rise in 2020, thanks to priority access to grids & low operating costs.

Read more: iea.li/3d6QFR7
Global electricity demand is set to fall by 5% in 2020 – the biggest decline since the Great Depression. The largest drops are in the EU & US.

Electricity has been essential for coping with the pandemic. Greater investments, including in grids, are needed to keep supplies secure
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Fatih Birol
@IEABirol
With a combination of a massive supply overhang and a significant demand shock at the same time, the situation we are witnessing today seems to have no equal in oil market history.

#THREAD
We just released @IEA’s updated forecast for global oil demand in 2020, revising it down by about 1 million barrels a day due to the impact of the coronavirus.

We expect to see the 1st full-year decline in demand in over a decade.

Our press release: iea.li/2TC2ibH
We @IEA are following the #COVID19 crisis very closely & will provide regular updates as the picture becomes clearer.

It's affecting a range of energy markets – including coal, gas & renewables – but its impact on oil is especially severe due to the effect on transport.
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