Global energy demand will drop by 6% in 2020, an unprecedented rate

According to data from the International Energy Agency (IEA), total global energy demand will drop by 6% by 2020, which is seven times the decline after the 2008 global financial crisis.

The International Energy Agency ’s Global Energy Assessment says that global electricity demand will drop by 5%.

The report said that the decline in an absolute sense is unprecedented, which is equivalent to the loss of the entire energy demand of India, the world's third largest energy consumer. The decline in advanced economies is expected to be the largest, with demand from the United States and the European Union falling by 9% and 11%, respectively.

Fatih Birol, Executive Director of the International Energy Agency, said: “This is a historic impact on the entire energy world. In today ’s unprecedented healthy global public health crisis, the demand for almost all major fuels has fallen sharply, especially coal, oil and natural gas. Renewable energy can continue during the unprecedented decline in electricity consumption. "

The report shows that the epidemic affects changes in power usage during shutdowns, resulting in a substantial decline in overall power demand. At the same time, shutdown measures are driving a major shift to low-carbon electricity, including wind energy, solar photovoltaic power generation, hydroelectric power generation, and nuclear power.

The IEA report said that after surpassing coal for the first time in 2019, low-carbon energy will expand its leading position this year, reaching 40% of global power generation, which is 6% ahead of coal. And due to the promotion of new projects completed in 2019 and early 2020, wind and solar photovoltaic power generation will continue to increase in 2020.