As the world enters a second year of the Covid-19 pandemic, the annual GlobalEnergy Review assesses the direction energy demand and carbon dioxideemissions are taking in 2021. The latest statistical data and real-time analysisconfirm our initial estimates for 2020 energy demand and CO2 emissions whileproviding insights into how economic activity and energy use are rebounding incountries around the world – and what this means for global emissions.The accelerating rollouts of Covid-19 vaccinations in many major economies andwidespread fiscal responses to the economic crisis are boosting the outlook foreconomic growth and leading to a rebound in energy demand in 2021. The reportexplores whether the rebound in activity risks pushing CO2 emissions to a newhigh and to what degree new policies targeting a sustainable recovery are able tocurb a rebound in emissions.

The pace of global vaccine rollouts, the possible emergence of new variants of theCovid-19 virus, and the size and effectiveness of economic stimulus measures allrepresent major uncertainties for the outlook. This analysis therefore not onlycharts a possible path for energy use and CO2 emissions in 2021 but alsohighlights the many factors that could lead to differing outcomes.