COVID-19 or novel coronavirus is not only an international emergency for public health but also has significant consequences on energy, economy, and environment. Although much of the World’s attention is understandably focused on COVID-19’s human toll, the outbreak’s economic toll also potentially has catastrophic implications and has disrupted all the leading economies. Consequently, the energy market has plunged, leading to an oil supply surplus and a decline in the price. Policymakers also examine the impacts of COVID-19 on the energy market and its relation to the ongoing transition to renewable energy. Against this backdrop, this paper helps in summarising the impact of COVID-19 on economy, energy and environment. Besides, it provides some critical recommendations and policy measures for the energy sector to overcome the challenges from the impact of COVID-19.
5.6. Growth/Survival of endangered species Recent studies show that endangered sea turtles hatched on abandoned beaches in Brazil, India, amid COVID-19 lockdown (Manzanedo and Manning 2020). People also found a perfect view of the sandy shore in the canals of Venice with tiny fish shoals, scuttling crabs and multi-coloured plant life. 6. penetration Impact on renewable energy generation and The pandemic economic effect is far-reaching, with negative effects on renewables similar to other industries (Das 2020). The study on the global renewable energy industry is spread into the solar panel industry, the wind energy industry, the hydropower industry, and other industries (Kleme et al. 2020). Out of which solar panel industry is projected to get impacted significantly due to the pandemic. Nevertheless, the effect could be different for a variety of reasons than in other economic sectors. Renewable energy has to be something here 1299 1300 S. S. PRIYA ET AL.
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2020). No doubt, the planet will need more renewable energy in either case. Nonetheless, for renewable energy developers and installers, this time is unpredictable, as power demand rises, supply chain volatility continues, and tax credits expire (Fever 2020). Globally, countries in these markets are at various levels of the Covid-19 outbreak affecting solar installations in different ways. COVID-19 is increasingly projected to affect zero-carbon energy growth globally this year. 6.1.
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Increase in renewable electricity generation Although global electricity generation is stated to decline by 2.6% during the first quarter of 2020 relative to 2019, the increase in electricity generation from renewable sources is declared to be 3%. It is undeniable that renewable energy is the rising star over the year of 2020 (Soroudi 2020). It is also informed that the renewable energy-based electricity supply reaches 28% in 2020. Shortly, among sources of electricity production, renewables are not adversely affected by Covid19-based situations (Aslam and Sheikh 2020).
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6.2. Decline in solar manufacturing COVID-19 has a major impact on the clean energy sector in all fields including America, Europe, Asia Pacific and the rest of the world. China is known to be the largest solar PV manufacturing country in the World (Kanda and Kivimaa 2020). The pandemic has brought production to a halt leading to lower consumption of power manufactured by solar PV. COVID-19 has walloped major producers of solar photovoltaic and energy storage equipment in China, the Republic of Korea and the US. 6.3. Decline in new clean energy projects
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