IEA warns of investment chasm
Energy funding poised to plunge as renewables fare better than fossil fuels
Global investment in the energy sector will contract sharply in 2020, with governments prioritising control of the Covid-19 pandemic and many economies able to reopen only partially. In its World Energy Investment 2020 report, the IEA estimates that global investment could decline by 20pc—the largest slump ever recorded. The oil sector will be the most severely impacted, with the agency warning investment will fall by a third this year. Consumer spending will decline by an enormous $1tn. Oil companies have shelved or delayed spending in 2020 to combat the financial impact of Covid-19 and sunken oil prices. Oil demand fell by 25mn bl/d year-on-year in April, when global lockdowns were at thei
Also in this section
3 May 2024
Developers look to government’s forthcoming budget to restore support as industry suffers loss of momentum
1 May 2024
Abundant storage and low cost of capturing CO₂ from sharply rising gas production mean NOC’s ambitious CCUS targets look well within reach
29 April 2024
Decarbonisation push and shifting multilateral trade policy sharpens continent’s need for carbon trading
29 April 2024
Canada’s oil sands producers need policy certainty to make the multibillion-dollar investments needed to achieve net zero, Pathways Alliance president Kendall Dilling tells Carbon Economist