IEA highlights 30% Drop in Energy Demand in India
The International Energy Agency highlighted a 6% decline in global energy demand and a 30% drop in India’s energy demand.
The IEA predicted that the global energy demand shock this year would be the biggest since the World War II. Currently, the world is seeing a 6% decline in energy demand- equivalent to losing the entire energy demand of India.
In India, the energy demand has dropped 30% in light of the 40 day lockdown. It is estimated that each additional week of lockdown will bring the demand down by a further 0.6%. This is significant as energy consumption is linked to overall demand in the economy.
International Energy Agency
International Energy Agency is an intergovernmental organisation established in 1974 after the 1973 oil crisis. It acts as a policy advisor with respect to energy security, economic development and environmental protection. It has 30 members and is headquartered in Paris.