Covid-19 briefing

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- ECONOMIC IMPACT -

Latest update: 16 December

After weeks of gradual decline, GDP estimates for many countries have levelled off.

Polls show that employment prospects have consistently improved since July.

21%

According to the World Trade Organization, merchandise exports declined by 21% YoY in Q2 2020 and exports of commercial services were down by 30%.

9.9%

According to Nomura, India is poised to be the fastest growing Asian economy in 2021, with real GDP growth forecast at 9.9%, as compared to China at 9% and Singapore at 7.5%.

Impact of Covid-19 on employment outlook

- SECTOR IMPACT: POWER -

Latest update: 2 December

a force for good

$1bn

Rockefeller Foundation, a philanthropic organisation, has launched a $1bn Covid-19 recovery fund aimed at increasing investments in gridscale renewables.

$13m

DTE Energy has pledged $13m to support customers struggling during the Covid-19 pandemic.

Revenue predictions

During the period January-September 2020, generation in Europe was 5.4% lower than the same period in 2019. Renewable generation bucked the trend by growing 9.8%.

Between January–July 2020, US generation was 3.2% lower than the same period in 2019. Renewable and gas both grew in this period.

Electricity generated from renewables will make up more than half of Germany’s power mix this year.

key power market developments

Plans for the world’s largest floating wind project off the coast of Aberdeenshire have been delayed for more than six months due to the impact of lockdowns.

Global energy company Shell is reportedly planning to move its focus towards renewable energy and power markets by cutting 40% of its oil and gas costs.

India’s imports of thermal coal fell by 41.5% to 32.9 million tonnes during the April-June quarter while imports of coking coal fell by 28.6% to 9.71 million tonnes as coronavirus lockdowns battered demand.

China produced 59GW worth of solar panels in the first half of the year, up 15.7% from a year ago.

The IEA forecasts a 5% reduction in total power demand in 2020.

The African Development Bank has approved $27.4m in grants to boost the African Union’s efforts to curb the Covid-19 pandemic.

01/07/2021 11:50:21