Global Energy Review 2021
Global Energy Review 2021
According to the International Energy Agency (IEA) , the Global energy-related carbon dioxide emissions are estimated to increase by 1.5 billion tonnes in 2021 which is the biggest annual rise in emissions since 2010.
About IEA
- IEA is an autonomous intergovernmental organisation which was established in 1974 as per framework of the OECD. Global Energy Review 2021
- IEA has a major role to play in providing information related to the international oil market and taking action against any physical disruptions in the supply of oil.
- The Governing Board is the main decision-making body of the IEA. It is composed of energy ministers or their senior representatives from each Member country.
- It mainly focuses on its energy policies which include economic development, energy security and environmental protection. These policies are also known as the 3 E’S of IEA
Key Observations:
- The Covid-19 pandemic continues to impact global energy demand. Global economic output is expected to rebound by 6% in 2021, pushing the global GDP more than 2% higher than 2019 levels.
- Sluggish demand for transport oil is mitigating the rebound in emissions. Despite an expected annual increase of 6.2% in 2021, global oil demand is set to remain around 3% below 2019 levels as the aviation sector remains under pressure.
- An estimated drop in demand of 9.3 million barrels a day this year is equivalent to a decade’s worth of growth.
- Electricity demand is due to increase by 4.5% in 2021. This is almost five times greater than the
decline in 2020, cementing electricity’s share in final energy demand above 20%. - Coal demand is on course to rise 4.5% in 2021, with more than 80% of the growth concentrated in Asia. China alone is projected to account for over 50% of global growth.
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