Covid-19 sparks record drop in energy investment
IEA chief Fatih Birol urges governments to favour clean energy projects in their coronavirus recovery plans. – EPA pic, May 27, 2020.
THE energy industry is set to suffer a record drop in investment due to the coronavirus fallout, said the International Energy Agency today, and while renewables are likely to fare better than oil, any swift economic recovery may create a global fuel crunch. In its annual report on energy investments, the Paris-based organisation estimated that the plunge will be of the order of a fifth from 2019 levels, or almost US$400 billion , as firms slash spending amid slumping demand for energy.
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