global energy investment fell in 2016 for the second consecutive year
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Global energy investment fell in 2016 for the second consecutive year

Arab Today, arab today

Arab Today, arab today Global energy investment fell in 2016 for the second consecutive year

Global energy investment fell in 2016 for the second consecutive year
Paris - WAM

After two years of unprecedented decline, global upstream oil and gas investment is expected to stabilise in 2017, according to a report issued by the International Energy Agency, IEA.

However, an upswing in US shale spending contrasts with stagnation in the rest of the world, signalling a two-speed oil market. At the same time, the oil and gas industry overall is transforming itself by delivering large cost savings and focussing more on technology development and efficient project execution.

Global energy investment amounted to USD$ 1.7 trillion in 2016, or 2.2 percent of global GDP. For the first time, spending on the electricity sector around the world exceeded the combined spending on oil, gas and coal supply. The share of clean-energy spending reached 43 percent of total supply investment a record high.

China, the world's largest energy investor, saw a 25 percent decline in coal-fired power investment last year and is increasingly driven by clean electricity generation and networks, as well as energy-efficiency investment. The United States saw a sharp decline in oil and gas investment and accounted for 16 percent of global spending. India was the fastest-growing major energy investment market, with spending up by 7 percent thanks to a strong government push to modernise and expand the power sector.

"Our analysis shows that smart investment decisions are more critical than ever for maintaining energy security and meeting environmental goals.As the oil and gas industry refocuses on shorter-cycle projects, the need for policymakers to keep an eye on the long-term adequacy of supply is more important. Even with ambitious climate-mitigation goals, current investment activity in oil and gas will have to rise from its current slump," said Dr. Fatih Birol, the IEA's Executive Director.

"The good news is that in spite of low energy prices, energy efficiency spending is rising thanks to strong government policies in key markets," he added.

For the first time, the report tracks financing sources across the entire energy sector. More than 90 percent of investments are financed from the balance sheets of companies, governments and households, reinforcing the importance of sustainable industry earnings in funding the energy sector.

Global electricity investment was nearly flat at $718 billion, with a growing network spending mostly offset by fewer coal-power additions. Investment in renewable-based power capacity, the largest area of electricity spending, fell 3 percent to $297 billion. While renewable investment is also 3 percent lower compared with five years ago, it will generate 35 percent more power thanks to cost declines and technology improvements in solar PV and wind.

Energy-efficiency investment rose 9 percent to $231 billion with China, the fastest-growing region, accounting for 27 percent of the total last year. At this rate, China could overtake Europe, the largest spender on energy efficiency, within a few years. More than half of the global investment in energy efficiency went to buildings, including efficient appliances, which account for a third of the world's total energy demand.

For the first time, the IEA tracked global energy sector research and development spending. It estimated that over $65 billion was spent on it worldwide in 2015, based on a bottom-up assessment of spending by public and private bodies.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

global energy investment fell in 2016 for the second consecutive year global energy investment fell in 2016 for the second consecutive year

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

global energy investment fell in 2016 for the second consecutive year global energy investment fell in 2016 for the second consecutive year

 



GMT 12:47 2016 Thursday ,01 September

'La La Land' musical masterpiece dazzles Venice film fest

GMT 12:42 2017 Monday ,20 February

Dalia al-Behairy begins 'Yawmiyat Zoga Mafrosa'

GMT 19:01 2017 Wednesday ,30 August

Oil prices down as US reels from Harvey

GMT 04:19 2017 Monday ,08 May

National forces attack mercenaries in Taiz

GMT 19:21 2017 Sunday ,07 May

Iranian Film Week opens in Baghdad

GMT 21:33 2017 Sunday ,30 July

Arab Quartet meeting kicks off in Bahrain

GMT 17:17 2016 Friday ,07 October

Aleppo bleeds as US and Russia spar

GMT 12:03 2015 Monday ,21 December

Nepal protester killed in constitutional crisis clash

GMT 09:47 2016 Thursday ,22 December

Trump vows to cut F-35 spending, as leaked memo

GMT 21:44 2017 Friday ,15 December

King establishes Hawar Development Committee

GMT 20:57 2017 Tuesday ,16 May

Naval Forces rescue 23 tourists in Hurghada

GMT 12:56 2017 Monday ,11 December

Lyon leave it late, Balotelli with Nice winner

GMT 06:18 2017 Thursday ,19 October

Russian delegation meets with Julphar chairman

GMT 21:20 2017 Monday ,23 October

Nasr, delegation of London Stock Exchange

GMT 14:40 2012 Saturday ,10 March

Magdy Al-Galad steps down

GMT 09:47 2017 Sunday ,12 March

Cat Camp in New York attracts cat lovers

GMT 14:57 2016 Friday ,09 September

Madonna, Ritchie settle child custody dispute

GMT 23:52 2017 Monday ,18 September

UAE economic growth boosting logistics sector
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday