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The current crisis could accelerate the rollout of cleaner, sustainable renewable energy such as wind and solar, just as the 1970s oil shocks spurred major advances in energy efficiency, as well as in nuclear, solar and wind power.
The recovery in global energy consumption that followed the pandemic-induced drop in 2020 ended prematurely with Russia’s invasion of Ukraine in early 2022, plunging global energy markets into turmoil, stoking inflationary pressures and slowing economic growth.
The energy crisis highlights the crucial role of energy efficiency and behavioural measures in helping to avoid mismatches between demand and supply. Since 2000, efficiency measures have reduced unit energy consumption significantly, but the pace of improvement has slowed in recent years.
The global energy crisis triggered by Russia’s invasion of Ukraine is causing profound and long-lasting changes that have the potential to hasten the transition to a more sustainable and secure energy system, according to the latest edition of the IEA’s World Energy Outlook.
The global energy crisis was not a clean energy crisis, but it has focused attention on the importance of ensuring rapid, people-centred and orderly transitions. Three interlinked issues stand out: risks to affordability, electricity security and the resilience of clean energy supply chains.
Ensuring energy security has been at the centre of the IEA’s mission since its creation in 1974, following the oil crisis in 1973. Today, the global oil market remains vulnerable to a wide range of risk factors, including natural disasters, major technical accidents, and geo-political tensions.
The IEA was created to ensure secure and affordable energy supplies, and it conducts analysis on current and future risks for oil supply disruption, emerging gas security challenges, and increasing system flexibility and resilience of the electricity sector.
The need for this clean energy investment surge is greater than ever today. As the IEA has repeatedly stated, the key solution to today’s energy crisis – and to get on track for net zero emissions – is a dramatic scaling up of energy efficiency and clean energy.
The IEA's flagship World Energy Outlook, published every year, is the most authoritative global source of energy analysis and projections. It identifies and explores the biggest trends in energy demand and supply, as well as what they mean for energy security, emissions and economic development.
Despite the focus on supply side issues, trends in electricity demand received less attention. In this commentary, we look at the drivers behind the decline in electricity demand including weather patterns and high prices as well as the regional differences between countries in the European Union.