COVID-19 has brought the creation of green energy from fossil fuels to breaking points. Global energy demand dropped to record low levels due to lockdown in the entire country. The IEA has predicted that total energy demand decreased by 6 percent, and energy-based emissions will decrease by 8 percent for 2020. Oil demand is expected to drop 9 percent and coal for 8% year, while crude oil reaches record-low rates.
Previous green energy crises offer insight into what happens when the oil price drops and how the use of fossil fuels has consequently bounced. But this crisis is different since it is demand-led. The scale of the decrease in demand, the rate of change, and how widespread it’s been have generated a radical shift that appears to be more than a temporary short-term fall in demand for fossil fuels, especially in the power sector.… Read More