Renewables to Rise as Fossil Fuels Collapse in the Wake of Covid-19 Pandemic

Renewables to Rise as Fossil Fuels Collapse in the Wake of Covid-19 Pandemic

Evidence points to renewable energy making gains at the expense of fossil fuels as the desire for a green recovery grows.

On May 6, 2020, the Committee on Climate Change, a government advisor body, released its recommendation that greenhouse gas emission reduction and an action to prevent climate change be an essential part of the post-Covid-19 economic recovery. Proponents of this say that a renewables-led economic recovery from the coronavirus could encourage investment and speed up a clean energy transition.

Fossil Fuels falling

A study has found that the upcoming collapse could trigger the value of the world’s fossil fuel reserves to fall by as much as two thirds, as demand for fossil fuels plummets as a result of Covid-19. This could lead to the most severe plunge in energy demand since World War II and trigger multi-decade lows for the world’s consumption of oil, gas and coal.

Renewable Energy Making Gains

The pandemic has created an opportunity for utilities to transition to 100% renewable energy following massive declines in demand for energy, fossil and transport fuels. Utilities and power producers who had already shifted or are planning to shift to the renewable energy sector will be the gainers during the forecast period.

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