COVID‐19: A Cloud with a Silver Lining for Renewable Energy?

Abstract

COVID‐19 has led to an unprecedented reduction in demand for energy for transportation and electricity, a crash in prices and employment in the fossil fuel industries and record‐breaking reductions in global carbon emissions. This paper discusses whether this “demand destruction” could spell the beginning of the end for fossil fuels or a temporary recession and the imperative to recover from the current crisis by “building back better” and not the same as before. There are encouraging signs for the renewable energy industry that could make COVID‐19 a cloud with a silver lining; whether this is the case will depend not only on the technological realities and social response to the crisis but also on political will and foresight.

The role of hydropower in renewable energy sector toward co2 emission reduction during the COVID-19 pandemic

“…By mid-April energy consumption in countries under full lockdown reduced by 25% as compared to the average energy demand in 2019. This resulted in lower oil prices declined to about 85% amidst January 22 nd , 2020, and April 21 st , 2020 (Khanna 2020). Thus, researchers such as Le Quéré et al (2020); Khanna (2020) predicts that CO 2 emissions decreased by 17% as at April 2020 as compared with the mean 2019 levels.…”

“…This resulted in lower oil prices declined to about 85% amidst January 22 nd , 2020, and April 21 st , 2020 (Khanna 2020). Thus, researchers such as Le Quéré et al (2020); Khanna (2020) predicts that CO 2 emissions decreased by 17% as at April 2020 as compared with the mean 2019 levels. Le Quéré et al (2020) further mentioned that before the COVID-19 pandemic, CO 2 emissions were increasing for about 1% per year over the decade.…”

“…Accordingly, financial institutions are redirecting finance toward renewable inventions. Thus, amidst the pandemic renewable energy production has been less impacted as compared to other energy sectors due to less marginal costs of energy generation (Khanna 2020). The UN Environment Program projected that global CO 2 emissions must decline by 7.6% annually from 2020 to 2030 to keep increasing temperature to lower than 1.5 Celsius.…”

“…The UN Environment Program projected that global CO 2 emissions must decline by 7.6% annually from 2020 to 2030 to keep increasing temperature to lower than 1.5 Celsius. This transition to renewable energy sources such as hydropower will be assisted by acknowledging the environmental benefits to be derived such as cleaner air, better water quality and mitigating CO 2 emissions (Khanna 2020).…”

“…In the United States as at June 2020 more electricity was generated from renewable sources more than from coal for the first time and renewable energy is projected to increase from 17% in 2019 to 20% in 2020 (Roidt et al 2020). This is because since the start of the COVID-19 pandemic, energy produced from renewable sources has been resilient to the COVID-19 quarantine measures imposed (Khanna 2020).…”