Assessment of energy sector and opportunities

The world is largely powered by coal, oil, nuclear energy, renewables, natural gas, hydropower, petroleum, solar PVs, and wind power, with coal still the most dominant energy source globally. Current climate policies, economic sustainability, energy security, future global energy goals, sustainability goals, drive the transition from fossil fuels to renewables which are growing in shares of global energy productions, and projected to be dominant by 2050. For the first time in history, renewables have surpassed coal in year-on-year production growth, with solar PV capacity installations in 2017 alone levelling the total capacity the world had installed by 2012. The contribution of solar power to the global energy sector is projected to be above 20% by 2040. The lithium-ion battery storage, onshore wind, offshore wind, and utility-scale solar declined in cost by 2019 compared to 2018. Unfortunately, coronavirus (COVID-19) interrupted many sectors globally since the end of 2019. The widespread lockdowns lowered air pollution and CO₂ concentrations temporarily, though it increased the energy demand for the uses to curb the spread of the virus. The effect of the COVID-19 pandemic in the global energy sector involves the projected decline in investments in 2020, compared to 2019. Electricity, for the first time ever, is projected to become the biggest single element in energy consumption. The revenues of the power sector, including commodities are expected to fall. Most opportunities available in the global energy sector are investment based, on renewables, and deep electrification of the transport sector.