MOSCOW, April 30. /TASS/. The coronavirus pandemic proved to be the biggest shock to energy markets since World War II as demand has fallen for almost all types of energy — oil, gas, coal — and it is projected to grow in 2020 only for alternative sources, according to a study by the International Energy Agency (IEA).According to the IEA, the demand for energy in the world in 2020 will decrease by 6%, which is seven times more than during the 2008 crisis. In absolute terms, the decline will be equal to the volume that India, the third largest market in the world, consumes per year. The greatest decline in demand will come from developed countries. Thus, it is expected that in the US demand will fall by 9% and in the European Union — by 11%.The final effect of the pandemic on the demand can only be assessed after quarantine regimes are lifted. So far, the IEA has calculated that each month of population isolation reduces global energy demand by 1.5%.At the same time, the situation has led to a noticeable increase in the use of alternative, low-carbon sources of generation, including wind, sun, hydro and nuclear energy, the IEA wrote. In 2020, their share in electricity generation can reach 40%.Demand for coal will suffer the most, the IEA expects, with a decline of 8% per year, whereas gas demand will fall by 5%. Decrease in carbon demand in 2020 will also lead to a record 8% reduction in CO2 emissions.
Pandemic will bring down demand for all energy sources except renewable in 2020 — IEA
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