ABSTRACT

Energy Dynamics in a Post-Pandemic World: The Short and Long View   [open pdf - 0B]

From the Document: "The Covid-19 [coronavirus disease 2019] pandemic has unleashed the force of a tsunami across global energy markets. The lockdown of 60% of the world's population, causing a brutal and potentially prolonged global recession, has resulted in plummeting energy demand and collapsing prices. Oil, natural gas, and coal, which constitute over 80% of global energy supplies, already faced problems of sluggish demand, oversupply, and weakening prices before this crisis. The markets for these resources have now been swamped by the Covid-19 tsunami. The damage has been most acute in global oil markets, which are experiencing a collapse in both demand and prices of nearly biblical proportions. [...] But the news is not all bad. Carbon emissions are falling at a pace and scale that was previously unthinkable. Global coal use has seen a record decline, whereas renewable energy use has actually increased. And many millions of urban dwellers around the world have briefly experienced clean air and skies for the first time in decades. Nevertheless, as the executive director of the International Energy Agency (IEA), Fatih Birol, noted somberly: 'Resulting from premature deaths and economic trauma around the world, the historic decline in global emissions is absolutely nothing to cheer.'"

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Date:
2020-05-16
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Copyright:
National Bureau of Asian Research
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National Bureau of Asian Research: https://www.nbr.org/
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application/pdf
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