The pandemic is cutting the world’s energy use … except for renewables, which are seeing a surge.
It’s not just because they’re greener. “The pandemic is revealing downsides to fossil fuels, such as the need for extensive storage systems and supply chains to move fuel from its source.” (That’s why the price of crude oil went below 0 last week — no place to store it.)
- Global energy demand is expected to drop by 6% in 2020 compared to 2019.
- The more developed the country, the bigger the drop; “a 9% decline in the United States and 11% in the European Union.”
- “Carbon emissions from the energy sector are expected to fall by 8% for the year.”
- “Demand for renewable energy is expected to grow 1% over the year, driven by a 5% increase in use of renewable electricity.”