Coronavirus is causing the biggest fall in global energy investment in history: IEA

Coronavirus is causing the biggest fall in global energy investment in history: IEA

The unparalleled decline is staggering in both its scale and swiftness, with serious potential implications for energy security and clean energy transitions.. But after the Covid-19 crisis brought large swathes of the world economy to a standstill in a matter of months, global investment is now expected to plummet by 20%, or almost $400 billion, compared with last year, according to the IEA's World Energy Investment 2020 report.. New analysis in this year's report highlights that state-owned enterprises account for well over half of energy investments in developing economies.. An expected 9% decline in investment in electricity networks this year compounds a large fall in 2019, and spending on important sources of power system flexibility has also stalled, with investment in natural gas plants stagnating and spending on battery storage levelling off.. The Covid-19 crisis is hurting the coal industry - with investment in coal supply set to fall by one-quarter this year - but does not pose an existential threat.. Impacts are felt across the energy world, from fuel and power supply to efficiency, with serious implications for energy security and clean energy transitions.