COVID-19 and the Global Shift Progress to Clean Energy

Abstract

The ongoing COVID-19 pandemic has presented us with an unprecedented global emergency that severely threatens the lives of millions of people around the world. In response to this existential crisis, state governments have taken drastic containment measures to limit the spread of the coronavirus. The consequential lock-downs have disrupted production and economic activity and had profound impacts on major industries. The heightened financial risk has significantly slowed down new investments while stoking fears of a looming economic recession. Indeed, the pandemic-induced strong reduction in global demand has resulted in sharp falls in energy prices leading to a temporary market distortion that may impede progress in the deployment of new renewable energy projects. Besides, some countries could be at risk of falling short of their 2020 national binding targets given the lack of effective policies required to facilitate new renewable energy investments. Considering the present impacts of the COVID-19 pandemic on the global energy market, there are opportunities to highlight the important role of renewables while making the case for clean energy investments, especially in the electricity sector. This review aims to provide important insights by analyzing the significant impacts of the COVID-19 pandemic on the global energy market. On the other hand, sustainable energy strategies are also discussed in detail. Finally, lessons learned amidst the costly battle against this invisible enemy could help policymakers and government leaders in identifying the appropriate renewable energy paths for their countries in a post-pandemic future.

Impacts of COVID-19 pandemic on the global energy system and the shift progress to renewable energy: Opportunities, challenges, and policy implications

“…Last but not least, the long-term timeframe is considered to be the latter half of the decade between 2025 and 2030 by which the full impact of the various decisions is expected to fully manifest ( Mastropietro et al, 2020 ). In the long run, the effect of the pandemic responses on future emission projection depends significantly on the structural modifications made to the existing energy system ( Hoang et al, 2021b ). Based on past economic cycles, the recent decline in global oil demand is expected to have a significant influence over the long-term economic outlook.…”

Relationships among the Fossil Fuel and Financial Markets during the COVID-19 Pandemic: Evidence from Bayesian DCC-MGARCH Models

“…They find evidence that the pandemic is causing impacts on the clean energy and fossil fuel markets. Hoang et al [27] suggest that while the COVID-19 pandemic affected the fossil fuel market the most, the clean energy market was also not spared. Even after the outbreak, there is a controversy regarding whether clean energy can replace fossil fuels as the economic and environmental impact need to be considered for investment in renewable energy to replace fossil fuels [28].…”

A Review on the Role and Impact of Typical Alcohol Additives in Controlling Emissions from Diesel Engines

“…Therefore, to meet the sustainable development strategies of energy and circular economy (Atabani et al, 2021), second and third-generation biofuels have become promising candidates for green policy in industry and transportation (Dong et al, 2021) (Xuan and Viet, 2021). The production of high alcohols and furan additives is more sustainable because of the greater involvement of renewable energy sources as well as lignocellulosic biomass feedstock (Huynh et al, 2021). However, a comprehensive solution to maintaining commitments to combating global climate change would be sustainable energy policies along with a viable renewable energy transition strategy (Balasubramanian et al, 2021b) (Thomas et al, 2021).…”