Released on Thursday, the IEA’s electricity market report predicts that global demand for electricity will increase by nearly 5% in 2021 and 4% in 2022 as economies around the world seek to recover from effects of the Covid-19 pandemic.
The report from the Paris-based organization notes that although electricity production from renewable energies “continues to grow strongly” – it is expected to increase by 8% this year and more than 6% in 2022 – it does not. can not meet the growing demand.
The IEA said that renewables “should only be able to serve about half of the projected growth in global demand in 2021 and 2022”. At the other end of the spectrum, electricity production from fossil fuels was to “cover 45% of the additional demand in 2021 and 40% in 2022”.
When it comes to carbon dioxide emissions from the electricity sector, the IEA report predicts an increase of 3.5% this year and 2.5% in 2022.
Overall, fossil fuels remain dominant in electricity generation. Last year, coal was responsible for 34% of global production, while gas accounted for 25%, the IEA said. Renewable energies and nuclear combined to take a 37% share.
“Renewable energy is experiencing impressive growth in many parts of the world, but it is still not where it needs to be to put us on the path to achieving net zero emissions by mid-century,” Keisuke Sadamori, director of energy for IEA markets and security, said in a statement.
“As the economy rebounds from the pandemic, we have seen an increase in the generation of electricity from fossil fuels,” Sadamori added. “To move to a sustainable path, we need to massively increase investments in clean energy technologies, especially renewables and energy efficiency. “
Reducing man-made carbon dioxide emissions to zero by 2050 is seen as crucial to achieving the 1.5 degree Celsius target.
Later this year, the COP26 climate change summit will take place in the Scottish city of Glasgow. It is seen as a pivotal event, and many hope it will serve as a catalyst for governments to step up their climate ambitions to meet the goals set in the Paris Agreement.
While there is a sense of urgency about COP26, the reality on the ground shows how the achievement of climate-related goals will be a major challenge in the years to come.
Energy companies are always discovering new oil deposits, for example, while in countries like the United States, fossil fuels continue to play an important role in the production of electricity.
Returning to the global level, in its latest report, the IEA expects electricity production from coal to increase “by nearly 5% in 2021 and an additional 3% in 2022, after decreasing by 4.6% in 2020 ”.
“As a result, coal-fired power generation is expected to exceed pre-pandemic levels in 2021 and reach a record high in 2022,” he adds.