Summary by Bridget Stuart
This week, we heard from Dr. Fatih Birol, the Executive Director of the International Energy Agency (IEA). Dr Birol’s spoke on the impact of COVID on the energy sector, and the Green Recovery of the future.
The global pandemic has led to the biggest shock to the energy industry since WWII, causing a decline more than 7 times larger than the 2008 financial crash. Fortunately, it is fossil fuels which have been hit the hardest, and renewable energies, such as wind or solar have actually proven to be relatively ‘COVID immune’. There has also been a 7% drop in emissions, thanks to the pandemic—the deepest decline in decades. However, there is a real risk that emissions will rebound with the economy and this decline will only be temporary.
This means that the next 3 years will be a ‘make or break’ period in determining whether countries will meet their 2050 net-zero goals. Recovery policies and economic packages centring on renewables will be essential in facilitating this. These policies must be aimed at maximising energy efficiency, improving pre-existing energy grids, and developing innovative technologies.
The questions considered green stimulus packages, the geopolitics of energy, COP26, OPEC countries, individual action and policy-making in emerging economies.
OCS Media Team
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