World Energy Outlook 2022

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Overview:

International Energy Agency (IEA) recently published World Energy Outlook 2022.

About World Energy Outlook 2022:

  • This flagship publication of the IEA has appeared every year since 1998.
  • Its objective data and dispassionate analysis provide critical insights into global energy supply and demand in different scenarios and the implications for energy security, climate targets and economic development.

Highlights:

  • According to the World Energy Outlook 2022, Russia’s invasion of Ukraine is a historic turning point in global energy markets, providing an unprecedented incentive to accelerate the transition to clean energy sources of fuel.
  • Electricity and heat demand in the winter months shoot up in the Northern Hemisphere, so it is likely to be a challenging time for the European Union for the next couple of years.
  • The global energy crisis has sparked desperate attempts from governments to promote energy security.
  • Oil currently comprises 80 per cent of the global energy mix, but it may drop to 75 per cent by 2030 and around 60 per cent by 2050.
  • IEA’s report talks mostly in terms of two models –
  1. stated policies scenario (STEPS) and
  2. announced pledges scenario (APS).
    • STEPS provides a more conservative benchmark for the future, because it does not take it for granted that governments will reach all announced goals.
      • Instead, it takes a more granular, sector-by-sector look at what has actually been put in place to reach these and other energy-related objectives, taking into account not just existing policies and measures but also those that are under development.
    • APS aims to show to what extent the announced ambitions and targets, including the most recent ones, are on the path to deliver emissions reductions required to achieve net zero emissions by 2050. 
  • India:
    • India’s coal generation and oil imports are going to peak in 2030, while gas imports will double around the same time.
    • India became the world’s second‐largest coal producer in 2021 (in energy terms), overtaking Australia and Indonesia, and that it plans to increase domestic production by more than 100 million tonnes of coal equivalent (Mtce) by 2025 from the current levels.
    • At present, India accounts for just over 10 percent of global coal consumption, after China which accounts for 55 percent.

Source : Down to Earth