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Some v striking charts in this year's @IEA world energy investment outlook
1) Huge #Covid_19-related 20% / $400bn drop in energy investment expected this year – the largest ever – primarily in oil, with "bleak" outlook for some shale firms
https://www.carbonbrief.org/iea-coronavirus-accelerating-closure-of-aging-fossil-fuelled-power-plants
1) Huge #Covid_19-related 20% / $400bn drop in energy investment expected this year – the largest ever – primarily in oil, with "bleak" outlook for some shale firms
https://www.carbonbrief.org/iea-coronavirus-accelerating-closure-of-aging-fossil-fuelled-power-plants
2) Some sectors and fuels much more resilient than others, with fossil fuels esp hard-hit vs electricity holding up more strongly.
#Covid_19 means consumers likely to spend more on electricity this year than on oil.
Speaks to Shell strategy for eg…
https://www.carbonbrief.org/iea-coronavirus-accelerating-closure-of-aging-fossil-fuelled-power-plants
#Covid_19 means consumers likely to spend more on electricity this year than on oil.
Speaks to Shell strategy for eg…
https://www.carbonbrief.org/iea-coronavirus-accelerating-closure-of-aging-fossil-fuelled-power-plants
3) Because it is proving more resilient to the #Covid_19 crisis, clean energy spending is set to reach 40% of global energy investment this year…
https://www.carbonbrief.org/iea-coronavirus-accelerating-closure-of-aging-fossil-fuelled-power-plants
https://www.carbonbrief.org/iea-coronavirus-accelerating-closure-of-aging-fossil-fuelled-power-plants
4) …but but but, clean energy investment is still FAR short of what would be needed to meet global climate goals
- per last year's report, spending on low-carbon energy needs to more than double (!)
https://www.carbonbrief.org/iea-low-carbon-spending-must-more-than-double-to-meet-climate-goals
- per last year's report, spending on low-carbon energy needs to more than double (!)
https://www.carbonbrief.org/iea-low-carbon-spending-must-more-than-double-to-meet-climate-goals
5) Still- big changes already underway. Within power sector, just look at those trends over past few years.
World investment in solar >>> coal power
…and wind >> gas power
Many still think these are fringe fuels – they're not any more – but just look where the money is going.
World investment in solar >>> coal power
…and wind >> gas power
Many still think these are fringe fuels – they're not any more – but just look where the money is going.
6) On coal, as ever, China is a huge part of the story
- without China, new coal power investment decisions would now be close to zero
- even with China, they're lowest in a decade
Will China really build hundreds more coal plants this decade?
https://www.carbonbrief.org/analysis-will-china-build-hundreds-of-new-coal-plants-in-the-2020s
- without China, new coal power investment decisions would now be close to zero
- even with China, they're lowest in a decade
Will China really build hundreds more coal plants this decade?
https://www.carbonbrief.org/analysis-will-china-build-hundreds-of-new-coal-plants-in-the-2020s
The 206pp @IEA world energy investment report has much much more detail – I only had a brief skim.
And our @Josh_Gabbatiss put in the hard yards but only had a few hours to do it!
So – get stuck in to the full report here and let us know what we missed. https://www.iea.org/reports/world-energy-investment-2020
And our @Josh_Gabbatiss put in the hard yards but only had a few hours to do it!
So – get stuck in to the full report here and let us know what we missed. https://www.iea.org/reports/world-energy-investment-2020
