15 September 2016, Lagos – The International Energy Agency said Wednesday that global energy investment sank in 2015 on ultra-low oil prices but noted a shift towards spending on cleaner energy.
Investment in global energy projects fell eight percent last year on sliding expenditure in oil and gas upstream projects, despite robust spending in renewables, electricity networks and energy efficiency, the Paris-based IEA said in a report.
The total level of investment was $1.8 trillion (1.6 trillion euros), down from $2.0 trillion in 2014, it said in a detailed analysis of the energy sector.
The IEA added however that there was a clear move to switch away from fossil fuels and towards cleaner renewable energy.
“Our report clearly shows that such government measures can work, and are key to a successful energy transition.
“But while some progress has been achieved, investors need clarity and certainty from policy makers.
China was the world’s largest energy investor last year with spending of $315 billion thanks to its efforts to build up low carbon generation and electricity networks and energy efficiency policies.
Renewable energy investments of $313 billion accounted for nearly a fifth of total spending last year, making renewables the largest source of power investment, the report found.