COVID 19 could boost Fossil fuel

The COVID 19 pandemic has had a considerable effect on the world economy due to the suspension of industrial activities and travel restrictions due to the unexpected drop in global carbon emissions. According to the data from the (ICOS) the Integrated Carbon Observation system from the Helsinki at the end of the week stated that the emission has decreased by more than 17 percent compared to the mean experienced last year. Some countries experienced more than 26 percent fall of the total carbon (iv) oxide output. 

The above fall was the highest in the global record emission, which went to the level experienced in 2006. The drop experienced is excellent in the percentage and the absolute terms as to what we saw in the other moments of the world history like the embargo of the Arab oil in the year 1973, and the other one was the Soviet Union collapse of the world refers to as the global financial crisis of the year 2008.  

As most counties have ease, the lockdown restriction and the amount of carbon released to the atmosphere will increase steadily. The ICOS statistics showed that from June 10, there was a rebound of emission to a lower level than the pre-lockdown period by 4.7 percent. The economic recovery is now faster and quicker than expected.  

The development of the economy has led many people to conclude that austerity alone might not be enough to reduce the emission level by facilitating the growth of the economy. The need to make environmentally friendly solutions will be relevant to ensure sustainable development. From the perspective of the policy, every government needs to promote green energy in all areas. The corona pandemic has cleared the way for green energy by transforming lifestyles according to the information from President and CEO of (BCPG), the Thai renewable energy company, Mr. Bundit Sapianchai when speaking to OBG. 

The need for investing in greener energy adoption was through the release of a report in Paris on the International Energy Agency IEA this year, June. The energy organization found that the world investment in energy was about to reduce by 20 percent, a sum of 400 billion US dollars this year. According to the agency, the losses incurred allowed by the oil industry. IEA projected that the installed renewable capacity of power might decline by 13 percent this year.