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Mahesh

31/10/22 05:35 AM IST

World Energy Outlook 2022

In News 
  • Amid the global energy crisis caused by war in Ukraine, the World Energy Outlook 2022 report was released to provide insights into the implications of this global energy shock.
Major Findings 
  • Russia’s invasion has exacerbated the energy crisis that was already triggered by supply disruption caused by the pandemic.
  • Russia has been the world’s top exporter of fossil fuels. However, its supply curtailments to Europe and European sanctions on imports of oil and coals from Russia have increased energy prices significantly.
  • While all fuels are effected by the Ukrainian crisis, gas markets are the main victims since Russia is looking to take advantage of its market position by exposing consumers to high energy bills and supply shortages.
  • Natural gas prices have reached unprecedented levels. They are consistently exceeding the equivalent of USD 250 per barrel of oil.
  • Coal prices have also reached unprecedented levels and price of oil was higher than USD 100 per barrel in mid-2022 before decreasing again.
  • Around 75 million people who have recently gained access to electricity will be unable to pay their energy bills. This means that, for the first time since the IEA started tracking energy access, the total number of people lacking electricity access is increasing.
  • Over 100 million people are likely to increase their dependence on firewood for cooking instead of adopting cleaner and safer solutions.
India Specific Findings 
  • India will witness the “largest increase in energy demand of any country”.
  • India will have the highest population by 2025. This, along with urbanization and industrialization, will spur a huge rise in energy demand of more than 3% per year from 2021-2030, as per the STEPS scenario.
  • With just over 10% of global coal consumption, India is also the world’s second‐largest coal consumer today, the report said.
  • Coal demand in India rose rapidly between 2010 and 2019, mainly as increases in electricity demand were largely met through coal‐fired power. Coal use in India dropped by 7% in 2020 due to the pandemic, but increased by 13% in 2021.
  • This demand will peak anywhere between the late 2020s and early 2030s.
  • However, the peak will be followed by a steep decline in coal demand as the deployment of renewables in the power sector picks up.
  • Government programmes such as the Gati Shakti National Master Plan and the Atmanirbhar Bharat Abhiyaan could promote a “robust growth” in renewables and electric mobility, notably for two/three‐wheelers.
IEA 
  • The IEA was set up under the framework of the Organization for Economic Co-operation and Development (OECD) in the aftermath of the 1973 oil crisis to respond to physical disruptions in global oil supplies.
  • Mission: To ensure reliable, affordable and clean energy for its member countries and beyond.
  • Headquarters: Paris, France.
  • Objectives- It provides policy recommendations, analysis and data on the entire global energy sector, with a recent focus on curbing carbon emissions and reaching global climate targets, including the Paris Agreement.
  • Key Publications-
    • World Energy Outlook Report.
    • World Energy Investment Report.
    • World Energy Statistics.
    • World Energy Balances.
    • Energy Technology Perspectives.
    • India Energy Outlook Report
Source- Indian Express 

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