The Covid-19 pandemic has led to the largest drop in global energy investment in history, with spending expected to plunge in every major sector this year, the International Energy Agency says in a new report. “The unparalleled decline is staggering in both its scale and swiftness, with serious potential implications for energy security and clean energy transitions, ”says the report. At the start of 2020, global energy investment was on track for growth of around two per cent, which would have been the largest annual rise in spending in six years. “The historic plunge in global energy investment is deeply troubling for many reasons,” said Fatih Birol, the IEA’s Executive Director. Global investment in oil and gas is also expected to fall by almost one-third in 2020.

Source: The Star May 28, 2020 00:56 UTC