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Electricity Market Report
The International Energy Agency (IEA) released its early 2022 edition of the bi-annual Electricity Market Report.
As per report, countries are largely turning to fossil fuels for meeting the increase in electricity demand, as Covid-19 lockdown restrictions are lowering down.
Global electricity demand increased by 6% year-on-year in 2021. It was the steepest year-on-year increase recorded by the IEA since 2008 financial crash.
Global energy intensity decreased by 1.9% year-on-year. This drop was only half as compared to the level required to lay foundation for net-zero by 2050.
In 2021, the electricity generation from renewables increased by 6% year-on-year. Generation from coal was increased by 9%.
This increase was led by markets like China and India, where coal served as greater than half of the increase in demand.
There was an increase of 2% in gas-fired generation. This increase resulted into a 7% year-on-year increase in emissions from power sector.
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