IEA expects global energy investment to fall by 20% or $400 B in 2020 due to coronavirus outbreak

27.05.2020 - Petr Mazaylo
IEA expects global energy investment to fall by 20% or $400 B in 2020 due to coronavirus outbreak

The International Energy Agency (IEA) stated on Wednesday that the world’s investment in the energy sector is projected to plummet by a record-high 20% or $400 billion in 2020 due to the coronavirus pandemic.

The Paris-based energy agency warned that the economic impact of public health crisis could have “serious” implications for energy security and clean energy transitions as the world economy recovers from the virus outbreak.

At the start of 2020, IEA said that the global energy investment was on pace for growth of around 2%, reflecting the largest annual rise in spending in six years.

A total of $1.8 trillion was invested in the global energy industry in 2019.

“The historic plunge in global energy investment is deeply troubling for many reasons,” IEA’s Executive Director Fatih Birol said in a statement.

“It means lost jobs and economic opportunities today, as well as lost energy supply that we might well need tomorrow once the economy recovers,” he continued. “The slowdown in spending on key clean energy technologies also risks undermining the much-needed transition to more resilient and sustainable energy systems.”

Risk disclaimer "Market Solutions Ltd – Suite 305 Griffith Corporate Centre P.O. Box 1510 Beachmont, Kingstown, St Vincent and the Grenadines is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0128 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of Market solutions Ltd and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or Market Solutions limited." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?