COVID-19

They warn that falling oil prices will threaten renewable energies

They warn that falling oil prices will threaten renewable energies

The International Energy Agency (IEA) has urged governments across Europe to keep clean energy in mind when considering measures to protect their economies against a likely recession caused by the coronavirus.

The IEA warned that low oil prices ran the risk of delaying investments in clean technology, such as wind and solar, amid falling oil prices.

"The sharp drop in the oil market could undermine clean energy transitions by reducing the momentum of energy efficiency policies," said IEA Executive Director Dr. Fatih Birol in a blog post.

As governments draw up stimulus plans to counter the economic damage from the coronavirus, COVID19, they must ensure that investment in clean energy "does not get lost amid the immediate set of priorities," said Dr. Birol.

"Governments can use the current situation to intensify their climate ambitions and launch sustainable stimulus packages focused on clean energy technologies," he argued.

Dr Birold said that solar, wind, hydrogen, battery and carbon capture (CCUS) "should be a central part of governments' plans because it will bring the twin benefits of stimulating economies and accelerating clean energy transitions."

The IEA warning is not isolated, as BloombergNEF released a report on the likely effects of COVID19 on renewable energy, energy storage, electric vehicles, heating, cooling, and the circular economy.

"We are currently more concerned with demand, as policymakers may divert attention from clean energy to more pressing concerns," said BloombergNEF in the introduction to the study.

At the same time, the European Commission is paying close attention to the economic impact of the coronavirus, saying that border closures run the risk of disrupting value chains for entire products, ranging from automotive to agriculture and food, as well as wind, solar and savings technologies. of energy.

"Renewable energy, this is definitely a dimension in a very complex situation that we are facing at the moment," said EU Commission spokesman Eric Mamer at a regular press conference.

However, he said it was too early to make recommendations to European Union member states at this stage on possible measures to shore up investments in clean technologies.

"We will have to see how the events unfold, what analysis we can make of the impact on investments in various areas and how we can react," Mamer said.

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