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After growing by more than 2% in 2019, global gas use is set to fall by around 4% in 2020, as the COVID-19 pandemic reduces energy consumption across the global economies. The pandemic has created disruption in the global energy sector, but low gas prices will ultimately stimulate demand growth as the economy recovers.
So far, the policy focus has been on empowering the early winners of an unfolding renewable-energy race. For example, rich countries such as Germany can throw billions of dollars at their coal sector to ease their transition pain, offering generous financial aid to lignite-producing regions. —Goldthau et al. Business as usual.
Today, we launch the most ambitious European energy project since the Coal and Steel Community. Today, we set in motion a fundamental transition towards a low-carbon and climate-friendly economy, towards an Energy Union that puts citizens first, by offering them more affordable, secure, and sustainable energy.
As Sheikh Zaki Yamani, a former Saudi oil minister, once said, “The stone age came to an end not for a lack of stones, and the oil age will end, but not for a lack of oil.” But some oil will still be being pumped at the end, and it won't be heavy, sour, far from water crude.
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