The economic and behavioral ramifications of covid-19 will significantly reduce global long-term energy demand, according to the authors of DNV GL’s “Energy Transition Outlook.” Covid-19 has also hastened the decline in carbon dioxide emissions — with 2019 set to be the year of peak CO2 emissions — yet the overall impact on our carbon budget is minimal.
To put this in perspective, the covid-19 impact on energy demand only buys humanity another year of “allowable” emissions before the 1.5°C target is exhausted (in 2029) and a couple of years before the 2°C warming carbon budget is exhausted (in the year 2050).
The report says that now more than ever we need technology and the scaling of technology to accelerate the uptake of renewables, energy efficiency measures as well as the deployment of industrial scale carbon capture and storage, and the use of alternative fuels.
Source: Environmental Leader
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