Major reforms required to uplift the Global energy sector in the post- covid 19 era: NJ Ayuk

Nj Ayuk

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The Covid-19 pandemic situation has brought the whole world to a near standstill while leaving the global economies to complete dismay. Well, the energy sector is no exception and if we go by the recent reports released by the International energy agency(IEA), the global energy investment is all set to witness a drop of around 20 percent in the current year.

NJ AYUK, who comes over as one of the most sought after energy experts from the African continent, also expressed his concerns in the same regards. As per him, ‘Right when we were expecting the Global energy investment to a 2 percent increase at the start of the year, everything changed with the outbreak of this deadly COVID-19 virus.

What effect would this bring to the future of the energy sector?

NJ Ayuk centurion law group further says that even when the governments around the world have started to ease the curbs to bring their economies to the track; it might take us months and years to get back to normalcy.

He quotes the statement given by the IEA’s executive director, Fatih Birol where it has been said that historic plunge in the global energy investment is a major concern in a lot of aspects.

Besides all the lost jobs and economic opportunities, this situation might also hurt our efforts towards bringing cleaner energy to the world around us.

NJ Ayuk guardian also affirms that the governments and related industries are all set to witness a big drop in their revenues due to the falling energy demand and lower prices. Crude oil prices have hit the all-time low mark and if we talk about the United States, the same has gone to negative.

Furthermore, most of the global energy companies have shelved their key projects while also cutting in their costs and manpower, which has eventually resulted in a loss of jobs for millions.

What are our options to counter the same situation?

Amidst all the darkness around, the energy sector can still find a glimmer of hope in the post COVID era. As per NJ Ayuk, governments around the globe need to encourage their citizens to pool in their investment towards the energy sector via various government bonds and schemes.

While consumption would still improve as the lockdown norms ease, the investment has to be channelized in order to encourage all the cleaner energy projects and campaigns. NJ Ayuk says that this is the only way to bring some life back to the already dying energy sector in the long run.

As per him, its not just about the government, and the respective citizens also need to join hands while coming forward to back the key energy projects that are directed towards common interests of the masses.

Well, this is where the relaxed tax norms and flexible policies will also come into play and the government has to take every necessary step in order to ensure a timely revival of the energy sector at large.

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