International News
Global energy demand declined by 3.8 percent in the first quarter of 2020
Singapore: In mid-October, the International Energy Agency’s 2020 Global Energy Review showed that while global energy demand declined by 3.8% in the first quarter of 2020, global coal demand was hit the hardest, falling by almost 8%, when compared with the same period in 2019.
The outlook is similarly dim, with coal demand not returning to pre-crisis levels in any of the IEA’s scenarios, while the outlook for renewable energy shows growth across the board.
Those that ride the wave of the energy transition can come out ahead, but those that refuse to change will likely see their profits sink.
How to act, and when to do so, are the issues facing the Asian companies attending Singapore International Energy Week, which kicks off on Sunday, October 25.
lobal and regional trends are making such issues more straightforward to resolve. Across Asia, in many of the countries where coal was expected to grow, building new renewable energy infrastructure is now the cheaper option.
When it comes to climate, as the IEA points out, the energy infrastructure already built is enough to take global warming past the 1.5-degree limit aimed for by the Paris Agreement. Meeting the Paris target means not just halting further expansions of fossil fuel infrastructure, but even retiring existing infrastructure early.
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