With around half of the world’s population still in either full or partial lockdown, it is no surprise that the crisis continues to have a material impact on the global energy markets. Worldwide oil demand this year is expected to fall by up to 8% (or almost three billion barrels), equivalent to almost seven times the UK’s annual oil production. This is likely to be the largest global annual demand reduction on record.
There are clear parallels between the COVID-19 crisis and the climate change emergency. Both are global problems requiring global solutions. Both require a level of global cooperation that is often difficult to achieve, and both highlight the importance of scientific input into global decision-making.
As countries emerge from lockdown, there is now a real opportunity for governments around the world to put climate change and energy transition at the heart of their economic recovery plans. Doing so will be a powerful mechanism to demonstrate their commitment to the 2015 Paris Climate Change Agreement.
See pdf of full article at