Global energy investment set to slump by record $400bn in 2020

27th May 2020 / NewsBits
  • 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

 

At a time when reporting the truth is critical, your support is essential in protecting it.
Find out how

The European Financial Review

European financial review Logo

The European Financial Review is the leading financial intelligence magazine read widely by financial experts and the wider business community.