World Energy Outlook 2019 – International Energy Agency

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News:The International Energy Agency has released its report on World Energy Outlook,2019.

Facts:

About World Energy Outlook:

  • The World Energy Outlook is a leading source of strategic insight on the future of energy and energy-related emissions, providing detailed scenarios that map out the consequences of different energy policy and investment choices.

Key takeaways from the outlook:

  • The agency says that at present the energy demand in the world is growing at a rate of 2% per year.
  • The 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 the increase coming from the US.
  • The outlook has projected that the installed solar power in the world will increase by 3,142 GW by 2040.Currently,the world uses 495GW of installed solar power.
  • In African states,the gas and renewable sources will power the future energy.However,the demand for coal in these countries is still increasing.

Additional information:

About IEA:

  • The International Energy Agency (IEA) was founded in 1974.It is an autonomous intergovernmental organization established under the OECD framework.It is headquartered in Paris,France.
  • It works to ensure reliable, affordable and clean energy to its 30 member countries, 8 association countries and beyond.
  • It has four main areas of focus namely (a)Energy security (b)Economic development (c)Environmental awareness and (d)Engagement worldwide.
  • India became an associate member of the International Energy Agency in 2017.