The impact of COVID-19 on the energy transition (DNV-GL)

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DNV-GL notes in the latest briefing that the 8% drop in energy usage during COVID-19 is not enough to meet the Paris climate goals.

“The coronavirus pandemic will have a dramatic impact on energy supply and demand in the short term and will have lasting impacts once the pandemic dissipates. However, that will in itself do little to advance the world’s progress towards the Paris climate ambitions.”

DNV-GL makes some stark predictions in this briefing based on the short-term impact of COVID-19. They note that the current COVID-19 impact on energy demand, while it is a short-term phenomenon, only buys humanity another year of buffer before the 1.5C target is passed and only a couple of extra years of buffer before the 2C target is passed.

The hard truth is that we can only reach the 1.5C target if we have a COVID-19 like energy demand drop every year from here on out. This means a continuous meaningful decrease in energy demand and associated CO2 emissions of a huge magnitude every year.

Read the briefing here…

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