IEA says the coronavirus crisis has set in motion the largest drop of global energy investment in history
An aerial view shows pumpjacks in the South Belridge Oil Field on April 24, 2020 near McKittrick, California.
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The International Energy Agency believes the coronavirus pandemic has paved the way for the largest decline of global energy investment in history, with spending set to plummet in every major sector this year.
In the group’s annual World Energy Investment report, published on Wednesday, the IEA said that the unparalleled decline in worldwide energy investment had been “staggering in both its scale and swiftness.”
It warned the economic impact of the public health crisis could have “serious” implications for energy security and clean energy transitions.
“The historic plunge in global energy investment is deeply troubling for many reasons,” Fatih Birol, executive director at the IEA, said in a statement.
“It means lost jobs and economic opportunities today, as well as lost …continued .
[Source: CNBC News]