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
28 March 2024
US company aims to accelerate deployment of new technologies offered by Norwegian pureplay CCS firm
26 March 2024
Country has Europe’s largest CO₂ storage potential but regulatory and policy issues must be resolved to enable growth, says Offshore Energies UK
26 March 2024
Largest investment to date will support emission reduction projects across multiple sectors including refining, steel and cement
19 March 2024
Commodity trading companies are set for a key role in shaping green supply chains and providing carbon market liquidity