There's lots of talk about peak oil demand, but it misses the point.
#WEO20 shows that the era of global oil demand growth will end in the next decade. But without a big shift in government policies, there's no sign a rapid decline is coming.
Putting the 🌍 on track to reach net-zero emissions by 2050 would demand enormous and all-encompassing efforts over the next 10 years from companies, citizens, investors &, most of all, governments.
Using new technologies to avoid future emissions isn't enough.
If today’s coal plants, steel mills, cement factories & other infrastructure keep running in the same way as before, that alone would lock in a temperature rise of 1.65 °C.
The Covid crisis is hurting vulnerable populations the most.
The number of people without access to electricity has been decreasing in Sub-Saharan Africa since 2013, but #WEO20 shows the pandemic is putting this into reverse. The number is set to rise by 13 million in 2020.
Lots more insights from #WEO20 are available on iea.org.
The rise of solar, wind & batteries is cause for optimism, but big challenges remain.
A huge one is emissions from inefficient coal power plants, heavy industries & other existing infrastructure around the world – mostly in emerging Asia.
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.
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
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 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
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.
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.
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.
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.
Today we launched World Energy Outlook 2019 #WEO19, our flagship report.
Here are my key takeaways from this exceptional piece of work that provides wide-ranging insights into how today's decisions will shape our energy future.
It's important to note that #WEO19 does not provide a forecast of what will happen.
It provides a set of scenarios that explore different possible futures, the actions or inactions that bring them about, and the interconnections between different parts of the system.
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Deep disparities define the energy world, notably the gaps between:
• The calm in oil markets & growing geopolitical tensions
• The urgency to tackle climate change & rising emissions
• The promise of energy for all & 850m people lacking electricity
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