The humanitarian crisis of the COVID-19 epidemic has worsened, leading to a national blowout recession. Likewise, the global recession has never been devastating since the Great Depression worldwide constraint. Different governments have instigated measures that could stop the transmission of the virus. Additionally, the criteria include quarantine orders, company closures, and travel regulations. The pandemic has currently had an unforgettable effect on the energy industry. Also, throughout 2020, global energy consumption is forecast to drop by 6 percent. The impact has not excluded the clean energy sector.
Wood Mackenzie recently projected a decline of almost 20 percent in comparison to pre-COVID-19, with renewable wind and solar plants forecast to plunge to 4.9 GW in 2020. The drop in energy consumption for renewable is tabulated as 6 percent relative to pre-COVID-19 forecasts. The downturn and power production assessment of the solar energy plants triggered 106,000 work losses. Consequently, in the US, around March, relative to 51,000 job losses occurred in exploration or manufacturing during the same span. Research reveals that 15 percent of the country’s overall renewable energy employees could have lost approximately half a million workers during the next months.
Currently, it is important than anything else for alternative energy sources as well as several low-carbon industries to become more successful, increase employment, and boost the economic systems after COVID-19.
Fossil fuels are also the most affected by the coronavirus outbreak, with depletion estimates of 45 percent in overall market share for significant gas, chemical, and oil firms. The market has recently observed a rapid fall in oil consumption from the beginning of the year- a drop never observed since the past century. During the first period in decades, natural oil markets in the United States have been negative. Although lock-up regulations have alleviated the obstacles of the fossil-fuel economy, the whole structural crash has been going on for an extended period.
Currently, around 11 million workers operate in the clean energy field worldwide, while 3.3 million workers are operating in the power conservation business in the United States and Europe. Energy-efficient employment is generated in small and medium-sized enterprises as per the International Energy Agency (IEA).
The choices global leaders take now will impact the planet after the coronavirus epidemic fades. The world leaders are confronted with a preference: Revive industries fuelled by the collapsing fossil fuel of the history, or jump-start the journeys toward a safe, stable, and sustainable economy. Governments that promote clean energies and energies conservation will not only pump cash into their state but also secure their citizens’ safety and well-being in a safe, healthy, and robust environment.