World Energy Outlook 2020 Executive Summary

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Anew global energy economy is emerging…

In 2020, even while economies bent under the weight of Covid-19 lockdowns, renewable
sources of energy such as wind and solar PV continued to grow rapidly, and electric vehicles
set new sales records. The new energy economy will be more electrified, efficient,
interconnected and clean. Its emergence is the product of a virtuous circle of policy action
and technology innovation, and its momentum is now sustained by lower costs. In most
markets, solar PV or wind now represents the cheapest available source of new electricity
generation. Clean energy technology is becoming a major new area for investment and
employment – and a dynamic arena for international collaboration and competition.

…but the transformation still has a long way to go