Coronavirus sparks record drop in energy investment - IEA

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Energy industry is set to suffer a record drop in investment due to the coronavirus fallout - IEA

In this file photo taken on February 28, 2019 International Energy Agency Executive Director Fatih Birol testifies on the world energy outlook before the Senate Energy and Natural Resources Committee in Washington DC.

Shale oil producers that catapulted the United States to the world's top crude nation stand to suffer the worst decline, the IEA said. However, spending in renewable power projects is expected to fall by only around 10 percent for the year, the report said. "There is a risk that today’s cutbacks lead to future market imbalances, prompting new energy price cycles or volatility," it said.

"We hope to see a clean energy transition, this should be an orderly energy transition, well designed so it doesn't cause any crisis, any shock," he said.Birol signalled in this regard a concerning jump in approvals for coal projects in Asia.

 

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