İrem GÖL -TDO- Global carbon emissions from the fossil fuel industry could fall by a record 2.5 billion tonnes this year, a reduction of 5%, as the coronavirus pandemic triggers the most significant drop in demand for fossil fuels on record. The unprecedented restrictions on travel, work and industry due to the coronavirus is expected to cut billions of barrels of oil, trillions of cubic metres of gas and millions of tonnes of coal from the global energy system in 2020 alone.
This would lead to the fossil fuel industry’s biggest drop in CO2 emissions on record, in a single year eclipsing in the carbon slumps triggered by the largest recessions of the last 50 years combined. Dr Fatih Birol, the head of the International Energy Agency, has warned against viewing the steep decline in emissions from fossil fuels as a climate triumph. “This decline is happening because of the economic meltdown in which thousands of people are losing their livelihoods, not as a result of the right government decisions in terms of climate policies,” he said.
The fossil fuel analysis undertaken by Rystad Energy, a Norwegian energy consultancy, found a sharp contraction in GDP and the abrupt halt of flights and driving could cause the world’s oil demand to fall by more than five times the drop in demand triggered by the global financial crisis in 2008.