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COVID-19 may permanently alter long-term energy demand

Tuesday, June 9, 2020

Significance

Policy responses to the global recession have the potential either to accelerate or retard the energy transition. Economic and social behavioural change as a result of forced learning during lockdowns and continued social distancing may prove permanent.

Impacts

  • The fiscal stimuli to ease COVID-19 impacts will expand the role of the state in major economies; this may aid meeting climate targets.
  • Renewable energy will continue increasing its share of electricity generation as planned projects come online and costs fall.
  • The IEA sees energy sector investment plunging by 20% this year; many energy firms may struggle to survive.
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