The International Energy Agency (IEA) published in October 2020 its annual World Energy Outlook (WEO) where the IEA models different scenarios to the long-term developments of the global commodity and energy markets up to 2070.
Main key aways from the report:
* The pandemic has hit oil particularly hard, and total investment in energy dropped by 18%, but the share of renewables in the energy mix is up.
* Coal drops in all scenarios, to be replaced by nuclear and renewables.
* Amongst renewables, solar will experience the greatest growth in the next decade, and wind power will also experience steady growth.
* Primary energy demand in 2040 will still be covered largely by oil and gas.
* The states won’t achieve net-zero emissions until 2070, missing the 1.5oC target for 2050.
As an example, to reduce emissions by 40 per cent by 2030, almost 75 per cent of global electricity generation would have to come from low-emission sources by 2030 and more than 50 per cent of passenger cars sold worldwide would have to be electric in 2030 (compared to 2.5 per cent in 2019).
The ICE ECX exchange from London opened this morning (10.11.2020) its EUA trade sessions at 26,55 Euro/tCO2.
Source: IEA, Paris & ICE ECX London