Global energy investment set to slump by record $400bn in 2020
- Global energy investment is expected to suffer its greatest annual fall on record this year due to the coronavirus crisis. Investment is set to crash by $400bn (£325bn) — or 20 per cent — in 2020, according to the International Energy Agency (IEA).
- At the start of the year, funding was on track for a two per cent increase — its biggest growth in six year. In 2019 global investment in the sector topped $1.8 trillion.
- But the outbreak of Covid-19 and ensuing lockdown measures brought the global economy almost to a standstill, and energy firms have cut investment and shelved projects.
- The biggest hit is expected to be in oil and gas investment, which is forecast to fall by almost a third.
Source: City AM