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World Energy Investment Report, 2021
Source : Down To Earth

GS II : Important International institutions, agencies and fora- their structure, mandate


Why in News ?

International Energy Agency (IEA) published the World Energy Investment Report 2021.

Key Facts
  • Global energy investment is expected to rebound this year.
    • It increase 10 per cent year-on-year to around $1.9 trillion, estimated a new report.
  • Renewable power will have the largest share around 70 per cent of the total $530 million will be spent on new power generation capacity.
  • The scenario varies from country to country.
    • Purely based on favourable policies and regulations in providing long-term confidence among the investors towards renewables.
  • Energy efficiency sector will also see a substantial rise (10 per cent) in investment.
  • Impact over Environment
    • Still not deter the increase in carbon dioxide emission.
    • Global emission is set to grow by 1.5 billion tonnes this year.
    • Pandemic recovery strategies in many countries lack the required emission biennial technologies and pathways.
  • Emission concerns around the World
    • Emerging market is almost 70 per cent responsible for demand growth including India
    • China’s coal consumption in December 2020 was a historic high.
    • Australia’s exported emission through coal is double its domestic emission.
World Energy Investment Report 2021
  • It examines how investors are assessing risks and opportunities across all areas of fuel and electricity supply, efficiency and research and development against a backdrop of a recovery in global energy demand as well as strengthened pledges from governments and the private sector to address climate change.
  • Released by IEA.
  • This year Report focuses on two key questions
    1. Whether governments and investors action accelerate clean energy transitions translating into an actual clean energy projects
    2. Whether the energy investment response to the economic crisis caused by the Covid-19 pandemic impacted its implementation 
International Energy Agency
  • Founded in 1974.
  • IEA was initially designed to help countries co-ordinate a collective response to major disruptions in the supply of oil, such as the crisis of 1973/74.World Energy Investment Report 2021
  • Members: Presently it has 30 member countries.
  • Headquarters (Secretariat): Paris, France. 
  • Only OECD member states can become members of the IEA.
  • Publications:World Energy Outlook report and  Key World Energy Statistics.
  • Brazil, China, India, Indonesia, Morocco, Singapore and Thailand are the associate members of IEA.
  • IEA Major focus on energy issues including oil, gas and coal supply and demand, renewable energy technologies, electricity markets, energy efficiency, access to energy, demand side management
Way Forward
  • World is far away from the scientific target of limiting climate change within two degrees Celsius.
  • More democratic decision making process and de-corporatisation of the energy sector is the need of the future for the survival of the civilisation in this planet.

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