IEA: Electricity Market Report
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The International Energy Agency (IEA) published the bi-annual Electricity Market Report in early 2022.
According to the report, countries are increasingly turning to fossil fuels to meet rising electricity demand as Covid-19 lockdown restrictions ease.
In 2021, global electricity demand is expected to rise by 6% year on year. It was the IEA’s steepest year-on-year increase since the 2008 financial crash.
Year on year, global energy intensity fell by 1.9 percent. This drop was only half of what was needed to lay the groundwork for net-zero energy by 2050.
Renewable electricity generation will increase by 6% year on year in 2021. Coal-fired power generation has increased by 9%.
This rise was led by markets such as China and India, where coal accounted for more than half of the increase in demand. The amount of gas-fired generation increased by 2%.
The International Energy Agency (IEA) is worried even though, despite growing net-zero movement, countries are failing to decouple increased electricity demand from increased emissions.
According to the IEA, power sector emissions will remain stable for the next three years.
The IEA’s net-zero by 2050 scenario calls for a 55% reduction in sectoral emissions by 2030, compared to the 2019 baseline.
International Energy Agency (IEA)
The International Energy Agency (IEA) was founded in 1974 in conformance with the OECD framework. It is a self-governing intergovernmental organization.
The IEA’s mission is guided by four main areas of focus: energy security, environmental awareness, economic development, and global engagement.
Its headquarters are located in Paris, France. In March 2017, India has become an associate member of the IEA.
The International Energy Agency (IEA) was founded in the aftermath of the 1973-1974 oil crisis to assist its members in responding to major oil supply disruptions.
Currently, the IEA has 30 members. The IEA family also includes eight member countries.
A member nation must be an OECD member in order to join the IEA. However, not all OECD members are members of the IEA.