World energy economics and geopolitics amid COVID-19 and post-COVID-19 policy direction

Abstract

COVID-19 has placed a focus on the global energy industry. The global energy system in 2020 and beyond was covered in this article. The epidemic had immediate implications on energy demand, particularly for oil, and on energy bills. According to the IEA, understanding the development of the low-carbon energy system and the eventual demise of the current system based on fossil fuels is crucial for predicting the future of global energy geopolitics. Since renewables are the goal of post-COVID-19, geopolitical tensions between nations that produce fossil fuels have been brought to light. Three guidelines are suggested in this paper for the switch to renewable energy sources in order to slow global warming. First, place a focus on immediate policy changes that have a long-term impact on the energy transition. Utilize the upcoming midterm energy transition opportunities. Fresh, uncompromised policy frameworks should be developed. As the pandemic scenario is almost settled, additional research is needed to comprehend the widespread and catastrophic repercussions of post-COVID-19 on energy geopolitics, including variations in energy demand and price, wake of economic recovery, macroeconomic instability, Ukraine crisis and anticipating geopolitical consequences for renewables and fossil fuel economics. More national and regional focus is needed on long-term policy designs and justifications. The effectiveness of altering the sustainable development objectives related to energy or maintaining the current goals with the suggested policy design can also be examined in further research. Key challenges and recommendations are highlighted in order to ensure a successful long-term energy transition that can serve as a reference for energy policymakers in all countries.