• 4 minutes Permian in for Prosperous and Bright Future
  • 7 minutes Amount of Oil Usage in the United States
  • 10 minutes America Could Go Fully Electric Right Now
  • 21 mins Something wicked this way comes
  • 5 mins Why NG falling n crude up?
  • 5 hours US after 4 more years of Trump?
  • 1 day Famine, Economic Collapse of China on the Horizon?
  • 2 days Oil giants partner with environmental group to track Permian Basin's methane emissions
  • 2 days .
  • 22 hours Top HHS official takes leave of absence after Facebook rant about CDC conspiracies
  • 1 day Nord Stream 2 Halt Possible Over Navalny Poisoning
  • 3 days The Perfect Solution To Remove Conflict Problems In The South China East Asia Sea
  • 1 day .
ExxonMobil & Berkeley Make Major Breakthrough In Carbon Capture Tech

ExxonMobil & Berkeley Make Major Breakthrough In Carbon Capture Tech

Scientists from ExxonMobil, University of…

There’s No Quick Fix To Global Emissions Growth

There’s No Quick Fix To Global Emissions Growth

The International Energy Agency is…

What To Expect From The European Green New Deal

What To Expect From The European Green New Deal

The European Commission is set…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

CO2 Emissions Expected To Fall To 8-Year Lows

The International Energy Agency expects carbon dioxide emissions to decline by 8 percent this year due to the devastation the coronavirus wreaked on energy demand.

The agency said in the new edition of it Global Energy Review that the annual drop in oil demand this year could reach 9 percent, which translates into a loss of 9 million bpd. This would make 2020 oil demand equal to the average levels in 2012.

Coal demand will also fall substantially, by 8 percent, the IEA said, driven by lower electricity demand. The same is true of natural gas demand, although the authority did not provide specific demand drop figures for full-2020, although it did mention that gas demand fell by 2 percent during the first quarter.

There is good news for renewables, however. According to the IEA, demand for energy from renewable sources will actually increase this year, bucking the trend. This would be possible thanks to low operating costs and “preferential access to many power systems”.

Right now, however, the state of energy demand is dramatic. Every week, according to the IEA, countries in full lockdown are experiencing a 25-percent drop in energy demand. For countries on partial lockdowns, the rate of energy demand loss is a little lower but still significant, at 18 percent a week.

The silver lining is in the emissions. At 8 percent less, these would be 2.6 gigatons lower than emissions in 2019 and equal to levels from a decade ago. This would also be the largest ever annual contraction in CO2 emissions: “six times larger than the previous record reduction of 0.4 Gt in 2009 – caused by the global financial crisis – and twice as large as the combined total of all previous reductions since the end of World War II.”

On the flip side, the economic recovery could add more emissions than were eliminated this year.

By Irina Slav for Oilpice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News