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IEA has prepared a plan to rescue the energy industry

Webinar: Next steps for energy systems integration – IEA and Agora

IEA has prepared a plan to rescue the energy industry

The International Energy Agency (IEA) has developed a $ 3 trillion green recovery plan, proposing a series of measures to governments around the world to sustainably recover their economies after the pandemic.

The project aims to present world leaders with cost-effective measures that can be implemented from 2021 to 2023.

It defines three main goals: stimulating economic growth, creating jobs and building more sustainable and cleaner energy systems..

«In the near future, politicians will have to make extremely important decisions in a very short period of time», – IEA executive director believes Fatih Birol.

«These decisions will shape the economic and energy infrastructure for decades to come and will almost certainly determine whether the world has a chance to achieve its long-term energy and climate goals.», – he added.

Unprecedented global crisis caused by the outbreak of the Covid-19 epidemic triggered the deepest economic shock since the 1930s. It has detrimental effects on employment and investment in all sectors of the economy, including energy..

IEA expects the crisis to provide the largest decline in global energy investment this year, resulting in a 20% cut in segment spending.

Last year, the global energy industry employed about 40 million people, but 3 million of them are currently unemployed..

«Today, attention is increasingly focused on how to achieve economic recovery that will reduce the damage done by the crisis, putting the world on a stronger foundation for the future.», – said Birol.

The Sustainable Recovery Plan was published in collaboration with the International Monetary Fund under the project «world energy development prospects».

IEA has prepared a plan to rescue the energy industry

It is based on more than 30 specific energy policy measures and covers six key sectors: electricity, transport, industry, construction, fuels and new low-carbon technologies..

IEA believes the plan will contribute to the segment’s annual growth of 1.1% from 2023.

It also implies the creation of about nine million jobs a year over the next three years and the reduction of global greenhouse gas emissions by 4.5 billion tons..

Achieving these results will require global investment of about $ 1 trillion annually over the next three years. This represents about 0.7% of the world’s gross domestic product.

Birol stressed that the plan was not aimed at forcing world leaders to stick to it..

«We just want to show governments that they can ride for global energy», – he noted.