Since the beginning of the COVID19 pandemic in early 2020, governments in G20 countries have committed at least USD 900.56 billion to supporting different energy types through new or amended policies, according to official government sources and other publicly available information.
BP’s Statistical Review of World Energy 2021 reveals that the COVID-19 pandemic had a dramatic impact on energy markets, with both primary energy and carbon emissions falling at their fastest rates since the Second World War. Nevertheless, renewable energy continued to grow, with solar power recording its largest ever increase
Germany’s national climate change strategy is defined in the Climate Action Plan 2050, which sets out a longer-term pathway for sector-specific emissions reductions, as part of the Energiewende. Compared with the base year of 1990, the key goals are to achieve at least a 40% cut in greenhouse gas (GHG) emissions by 2020, 55% by 2030, 70% by 2040 and 80-95% by 2050, at which point the country expects to be mostly GHG-neutral. These targets are complemented with short- and medium-term targets for energy consumption and energy efficiency, and renewable energy supply.
2021The “Energiewende" continues to be the defining feature of Germany’s energy policy landscape. In place for nearly a decade, the Energiewende is a major plan for transforming the country’s energy system to make it more efficient and supplied mainly by renewable sources. The Energiewende is clearly visible in electricity generation, where it has increased the share of renewables.
Source IEA
In September 2020, President Xi Jinping announced that China will “aim to have CO2 emissions peak before 2030 and achieve carbon neutrality before 2060”. Announced 40 years after the country began its remarkable journey towards economic modernisation, this new vision for China’s future comes amid growing convergence among the world’s major economies on the need to reach net zero emissions globally by mid-century. But no pledge is as significant as China’s: the country is the world’s largest energy consumer and carbon emitter, accounting for one-third of global CO2 emissions. The pace of China’s emissions reductions over the coming decades will be important in determining whether the world succeeds in preventing global warming from exceeding 1.5 °C.
Source IEA
Ensuring Indian citizens have access to electricity and clean cooking has been at the top of the country’s political agenda. Around 700 million people in India gained access to electricity between 2000 and 2018, reflecting strong and effective policy implementation. The government of India has also made significant progress in reducing the use of traditional biomass in cooking, the chief cause of indoor air pollution that particularly affects women and children. The government has encouraged clean cooking with liquefied petroleum gas. India continues to promote cleaner cooking and off-grid electrification solutions, including a shift toward using solar photovoltaics (PV) for cooking and charging batteries.
Source IEA
The United Kingdom is preparing for a deep decarbonisation of its energy system. The country has decided to halve its greenhouse gas emissions from 1990 to 2027 and to cut them by a total of 80% by 2050. For this to happen, significant private-sector investment in new energy infrastructure is needed. As it seeks concrete solutions to the low-carbon investment challenge, the United Kingdom is leading by example. The United Kingdom’s proposed Electricity Market Reform is a pioneering effort that will be closely observed by other countries. Ideally, this complex and ambitious reform would in the long run lead to a more liberalised marketplace in which low-carbon power generation technologies compete to deliver innovative and least-cost outcomes. Security of supply remains a key focus of energy policy. Fossil fuel production in the United Kingdom has peaked, and a fifth of the country’s ageing power generating capacity will have to be closed this decade.
Source IEA
The United States has achieved notable reductions in CO2 emissions over the past decade, led by its power sector. Low-cost shale gas combined with falling costs and policy support for renewables have shifted dependence away from coal-fired generation. Still, closures of coal and nuclear plants are expected to continue, requiring policy and regulatory responses to ensure a steady transition. Energy security remains a priority for the United States, which continues to demonstrate a strong focus on reliability and resilience.
Source IEA