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The impact of Covid-19 on energy transition

Dafnis Nikolaos

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Summary

The COVID-19 pandemic has affected the global economy including the energy sector, causing significant challenges to the path of the energy transition. The coronavirus has provoked drastic fluctuations in energy demand, disrupted supply chains and hindered energy investment by changing the landscape on many levels. The long-term implications of these, on the energy transition and climate change mitigation, are still uncertain and cannot be ascertained with safety, but they are slowly emerging. This Diplomatic Thesis tries to present the importance of relationship between the economy and energy consumption and to analyze the course of the energy transition before and after the COVID-19 pandemic, according to the conditions that have been taken to deal with climate change. In addition, it analyzes the effects on the entire energy system, along with fuel demand and supply, investments in fossil fuels and clean sustainable energy sources, but also the general impact on the environment, while mentioning the situation in Greece. We explain the reasons for the decrease in energy demand during the outbreak of the coronavirus, while we identified the challenges that arose for the energy transition as result of the pandemic. However, the pandemic has created opportunities to exploit in order to achieve the ultimate goal of global climate neutrality by 2050. Therefore, we have re-identified the potential opportunities that have arisen during this period, and base on these and the challenge we have presented, we have proposed possible solutions and policies that countries should be asked to follow to bring about the energy transition and economic recovery through it. The Thesis encourages the transition from a society based on traditional energy sources to clean sustainable one based on environmental principles.

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