ABSTRACT
The COVID-19 pandemic has emerged as one of the deadliest infectious diseases on the planet. Millions of people and businesses have been placed in lockdown where the main aim is to stop the spread of the virus. As an extreme phenomenon, the lockdown has triggered a global economic shock at an alarming pace, conveying sharp recessions for many countries. In the meantime, the lockdowns caused by the COVID-19 pandemic have drastically changed energy consumption patterns and reduced CO2 emissions throughout the world. Recent data released by the International Monetary Fund and International Energy Agency for 2020 further forecast that emissions will rebound in 2021. Still, the full impact of COVID-19 in terms of how long the crisis will be and how the consumption pattern of energy and the associated levels of CO2 emissions will be affected are unclear. This review aims to steer policymakers and governments of nations toward a better direction by providing a broad and convincing overview on the observed and likely impacts of the pandemic of COVID-19 on the world economy, world energy demand, and world energy-related CO2 emissions that may well emerge in the next few years. Indeed, given that immediate policy responses are required with equal urgency to address three things-pandemic, economic downturn, and climate crisis. This study outlines policy suggestions that can be used during these uncertain times as a guide.
ABSTRACT
COVID-19 has placed a focus on the global energy industry. The global energy system in 2020 and beyond was covered in this article. The epidemic had immediate implications on energy demand, particularly for oil, and on energy bills. According to the IEA, understanding the development of the low-carbon energy system and the eventual demise of the current system based on fossil fuels is crucial for predicting the future of global energy geopolitics. Since renewables are the goal of post-COVID-19, geopolitical tensions between nations that produce fossil fuels have been brought to light. Three guidelines are suggested in this paper for the switch to renewable energy sources in order to slow global warming. First, place a focus on immediate policy changes that have a long-term impact on the energy transition. Utilize the upcoming midterm energy transition opportunities. Fresh, uncompromised policy frameworks should be developed. As the pandemic scenario is almost settled, additional research is needed to comprehend the widespread and catastrophic repercussions of post-COVID-19 on energy geopolitics, including variations in energy demand and price, wake of economic recovery, macroeconomic instability, Ukraine crisis and anticipating geopolitical consequences for renewables and fossil fuel economics. More national and regional focus is needed on long-term policy designs and justifications. The effectiveness of altering the sustainable development objectives related to energy or maintaining the current goals with the suggested policy design can also be examined in further research. Key challenges and recommendations are highlighted in order to ensure a successful long-term energy transition that can serve as a reference for energy policymakers in all countries.