IEA: Coronavirus ‘accelerating closure’ of ageing fossil-fuelled power plants

(CarbonBrief, 27 May 2020) This year will see the largest ever drop globally in both investment and consumer spending on energy as the coronavirus pandemic hits every major sector, according to the International Energy Agency (IEA).

The crisis is accelerating the shutdown of older fossil-fuelled power plants and refineries, with the agency saying it could provide an opportunity to push the global energy sector onto a “more resilient, secure and sustainable path.

In the latest edition of the World Energy Investment report, which Carbon Brief has covered in previous years, the IEA has gone beyond its usual remit of reviewing annual trends. 

Its analysis looks ahead to the coming year and estimates the impact of this year’s economic turmoil on energy investment, which was expected to grow by around 2% prior to Covid-19. It is now expected to drop by 20%, or almost $400bn.

External link

CarbonBrief, 27 May 2020: IEA: Coronavirus ‘accelerating closure’ of ageing fossil-fuelled power plants