Global energy investment fell by 12% in 2016, the second consecutive year of decline, as increased spending on energy efficiency and electricity networks was more than offset by a continued drop in upstream oil and gas spending, according to the International Energy Agency’s (IEA’s) latest ‘World Energy Investment’ report.
Global energy investment amounted to $1.7-trillion in 2016, or 2.2% of the global gross domestic product (GDP). For the first time, spending on the electricity sector around the world exceeded the combined spending on oil, gas and coal supply. The share of clean-energy spending reached 43% of total supply investment, a record high.
