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
- Whether governments and investors action accelerate clean energy transitions translating into an actual clean energy projects
- 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.
- 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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