Impact Of COVID-19 On Global Energy Sector

Original article can be found here (source): Artificial Intelligence on Medium

Impact Of COVID-19 On Global Energy Sector

The impact of Covid-19 health crisis can be clearly observed on the oil prices globally and demand dropped dramatically ,but it may pave way for renewable sector and related technologies.

The current scenario would upheaval slow corporate clean energy goals.

While on other hand the Indian solar industry is facing disruptions in the procurement of raw material and components for solar installations which is delayed.Some planned projects may have trouble sticking to timelines as offices that issue permits are shuttered.The industry is heavily reliant on China for its sourcing requirement and is expected to face challenges in procurement of module glasses and wafers required for the system.

Almost 80% of the modules and solar cells are supplied by Chinese companies.

The wind installations in India are also on radar by the Covid-19 outbreak. India is the world’s fourth-largest onshore wind market by installations with 38.06GW of wind capacity as of 2019.

It is now the moment for countries to fast-track the construction of new digital infrastructure, such as IoT along with AI, in addition to the hastening of vital projects and major infrastructure construction that’s already included in countries’ financial stimulus plans.

This would pave way to the birth of new servitization financial models such as Public-Private Partnership and outcome-based models to relieve the financial crisis during the development phase.