Corona crisis leads to historic CO2 decline

According to the International Energy Agency (IEA), the economic downturn as a result of the corona virus pandemic is leading to the largest reduction in greenhouse gas emissions that has ever occurred. Accordingly, CO2 emissions are expected to decrease by eight percent in 2020 and global energy consumption by six percent. Even in the event of the economic downturn as a result of the financial crisis in 2009, the decline in absolute terms was not that great.

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“Given the number of deaths and economic trauma around the world, the historic decline in global emissions is absolutely no cause for celebration,” said IAE Executive Director Fatih Birol. He urged governments around the world to move post-pandemic reconstruction towards greener energies.

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In its annual energy study, the Federal Institute for Geosciences and Natural Resources (BGR) also concludes that energy consumption and CO2 emissions are noticeably reduced as a result of the corona pandemic. The slump in global demand is particularly significant for crude oil, the price of which has dropped sharply and even turned negative in futures.

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How long does the effect last?

As a result of the oversupply of oil, CO2 emissions are also falling. However, according to the BGR, it cannot yet be said whether the positive effect on the climate will continue: “It is not foreseeable whether this development will break the long-term trend of a growing global energy demand”.

Until the end of 2018 – as far as the basic data of the analysis goes – renewable energies continued to advance in Germany. In generation, wind, solar and bioenergy accounted for around 35 percent of the electricity mix. According to the BGR, regenerative carriers were “the most important domestic energy source”.

Similar to IEA chief Birol, the International Monetary Fund (IMF) calls for planned stimulus programs to be used to combat climate change because of the coronavirus crisis. “We have to do everything in our power to get a ‘green recovery’,” said IMF chief Kristalina Georgiewa at the Petersberg climate dialogue on Wednesday.

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