Total global energy investment fell by 2% in 2017, totalling $1.8 billion according to the International Energy Agency’s World Energy Investment 2018 report which was published this week, which also showed $750 billion was spent on the electricity sector, compared to only $715 billion on oil & gas supply, while investment in renewables and energy efficiency fell by 3%.
The International Energy Agency (IEA) published its annual World Energy Investment report on Tuesday in which it details spending across the global energy sector, including grids, oil & gas, electricity, and renewable energy and energy efficiency. According to this year’s report, total investment in 2017 reached $1.8 billion, down 2% in real terms from 2016 which itself was down 12% on 2015.
This year’s report was highlighted by the continued electrification of the energy sector, with $750 billion going towards electricity compared to only $715 billion being invested in oil and gas supply globally. Conversely, however, the combined global investment into renewable energy and energy efficiency fell by 3% in 2017 and, according to the IEA, there’s a risk it could fall further in 2018. Specifically, investment in renewable power declined by 7% in 2017 to nearly $300 billion, but still accounted for two-thirds of power generation spending.