International Energy Agency releases World Energy Outlook, 2019
The Paris based International Energy Agency recently released its report on World Energy Outlook. The Agency has projected that the installed solar power in the world will increase by 3,142 GW by 2040. According to the report, the currently the world uses 495 GW of installed solar power.
Highlights of the report
Oil demand will slow down after 2025 and the world will transit towards electric vehicles. However, the oil demand for the next decade will keep increasing with 85% of increase coming from the US. In African states, the gas and renewable sources will power the future energy. However, the demand for coal in these countries are still raising
The report says that at present the energy demand in the world is growing at the rate of 2% per year.
There are three climate scenarios projected by the report for the future. It includes the Current Policy Scenario, Stated Policy Scenario and Sustainable Development Scenario.
According to Current Policy Scenario, the world will continue to function with the old regulations with energy demand rising at the rate of 1.3% by 2040. The Stated Policy Scenario is New Policy Scenario. Under this the report says that with the new policies that have been introduced by the governments, the energy demand will increase by 1% per year.
The Sustainable Policy Scenario is the most ambitious of all the scenarios. Under this, the report says that by aligning with Paris Agreement the global temperature will reduce by 1.5 degree Celsius.
IEA is an inter-governmental organization of OECD (Organization for Economic Co-operation and Development). the World Economic Outlook is the flagship publication of the agency.