Coronavirus Dampens 2020 Outlook for Clean Energy and Electric Vehicles
17 Mar, 2020

The coronavirus crisis gripping the global economy has forced clean energy analyst BloombergNEF (BNEF) to downgrade its expectations for the solar, battery and electric vehicle (EV) markets, in one of the first signals that the escalating pandemic could undermine urgent efforts to combat climate change.

The influential analyst firm released fresh projections looking at the likely effects of COVID-19, officially declared a global pandemic by the World Health Organization last week, on markets for renewable electricity, EVs, heating, cooling and the circular economy.

With the impacts of the virus worsening around the world and governments deploying increasingly desperate measures to curb its advance, the analyst said it had cut its forecast for global solar demand in 2020 by 16 percent, noting that the sector is heavily reliant on demand in China where strict limits on movement and commercial activity are being put in place to try to halt the virus spreading further.