The International Energy Agency (IEA) has this week warned that investment in global energy will fall by $400bn (£324bn) this year, the biggest slump in the industry’s history. In a report, World Energy Investment 2020, the IEA said the unprecedented investment slump follows the most severe plunge in energy demand since the second world war. The group added that the decline in investment is “staggering in both its scale and swiftness” and will impact every major sector, from fossil fuels such as oil, gas and coal to renewable sources including wind and solar power.
IEA Executive Director Fatih Birol, said: “If we are to achieve a lasting reduction in global emissions, then we will need to see a rapid increase in clean energy investment. The slowdown in spending on key clean energy technologies also risks undermining the much-needed transition to more resilient and sustainable energy systems.” He added: “The crisis has brought lower emissions but for all the wrong reasons.”
Responding to the IEA’s report, Glennmont Partners CEO Joost Bergsma, said:
April 8, 2021
February 23, 2021