With the unprecedented health emergency triggered by COVID, the world experienced its worst economic shock since the 1930’s. Governments have begun to provide urgent financial relief to parts of the economy, to prevent the crisis from spiralling and to spur economic recovery. The IEA focused its work on how the crisis was impacting glo energy demand across all major fuels, including oil, gas, coal, electricity and renewables. It identified the staggering collapse in global energy investments anticipated to follow the immediate crisis, and how governments could take this into account in preparing recovery plans.
The Sustainable Recovery Plan proposed in this report is the result. It seeks to highlight that countries have a once in a lifetime opportunity to investing in an economic transition that could fuel recovery and contribute mitigation to the climate change challenge. In fact, investing in traditional energies and infrastructure could lock in emissions for decades and put a green transition beyond our capacity. The report further shows that governments have a unique opportunity today to boost economic growth, create millions of new jobs and to put greenhouse gas emissions into permanent structural decline.