The global standstill caused by the pandemic is expected to unleash what is being called the largest drop in global energy investment in history, the International Energy Agency (IEA) said in a May 27 news report.
Despite the fact that at the beginning of the year, global energy investment was on track to grow around 2 percent, spending is now expected to plunge by 20 percent in every major sector, representing a loss of $400 billion.
Global investment in oil and gas is expected to fall by almost one-third, and investment in shale is anticipated to fall by 50 percent in 2020. While renewables have proven more defensive overall, investments in new utility-scale wind and solar projects fell back to the levels of three years ago in the first quarter of 2020, and spending in the power sector is expected to decline by 10 percent.
“The historic plunge in global energy investment is deeply troubling for many reasons,” said Fatih Birol, executive director of the IEA
