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The COVID-19 pandemic is delivering the biggest shock to the global energy system in seven decades, according to 

Global energy demand is expected to fall by 6 percent this year, seven times the decline brought by the financial crisis 10 years ago. IEA projections show oil and gas being hit hard. But demand for 

 by an extraordinary 8 percent — the largest decline since World War II.

Not all the drop in demand was due to the coronavirus; in the U.S. especially, a large share was due to a 

The IEA says the lower emissions will reduce harmful greenhouse gas emissions that lead to climate change by almost 8 percent this year, which would be the largest annual decrease ever recorded. 

But the U.N. has said global emissions must be cut that much 

 in order to limit global warming to 1.5 degrees Celsius and avoid its worst impacts.

The IEA warns that emissions will rebound when the economy recovers, unless countries focus their economic relief packages on boosting clean energy.

The agency's projections could also change, depending on how countries adjust their policies in coming months. If stay-at-home orders are lifted faster than expected, for instance, normal emissions could return more quickly.

"The [Earth] needs structural emissions reductions driven by better policies," 

Even without those changes, the agency says renewable energy will actually fare well in 2020. While it won't grow as much as in the past, the IEA projects electricity generation from wind, solar and hydropower will increase by 5 percent.  Another 

 this week found that solar and wind are now the cheapest source of power in most of the world.

Still, the U.S. solar industry estimates it's going to lose up to half of its 250,000 jobs this year if nothing is done. It's been 

"We create lots of economic opportunity. We create lots of tax base. But we also help solve the climate crisis," says Abigail Ross Hopper, head of the Solar Energy Industries Association.

So far, though, the Trump administration has been more interested in trying to 

 the fossil fuel industry, which also faces staggering job losses.

"We will never let the great U.S. Oil & Gas Industry down," 

, as he directed the secretaries of Energy and Treasury to come up with a plan. So far, it's not clear what that plan would be.  

Business and Economic News

Environmental News

Jennifer Ludden

Author

Jeff Brady

Global energy demand, particularly for coal, is falling sharply this year, the International Energy Agency says. The drop is due to weather patterns and COVID-19 shutdowns.

Greenhouse gas emissions predicted to fall nearly 8 percent — largest decrease ever

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