IEA: Covid-19 crisis causing biggest fall in global energy investment in history
In a report published on Wednesday, the Paris-based International Energy Agency (IEA) highlighted that the coronavirus crisis causing biggest fall in global energy investment in history.
Key takeaways
“The coronavirus pandemic will slash energy sector investment by about $400bn this year — the biggest ever annual fall.”
“The world could grow more dependent on cheaper, dirtier fuels that undermine global climate goals. “
“Global energy investment in 2020 will be just over $1.5tn compared with just under $1.9tn in 2019.”
Fatih Birol, Chief of the IEA, told the Financial Times (FT): “This Covid crisis will lead to the biggest fall of global energy investment in history. We have never seen such a big decline.” “The entire system has been hit”.
“My key concern is that the lockdowns may lead to a lock-in of inefficient [and dirtier] technologies in financially constrained emerging markets, which will have serious implications for global energy and climate trends,” Birol added.