In the group's annual World Energy Investment report, published on Wednesday, the IEA said that the unparalleled decline in worldwide energy investment had been "staggering in both its scale and swiftness."
An aerial view shows pumpjacks in the South Belridge Oil Field on April 24, 2020 near McKittrick, California.The International Energy Agency believes the coronavirus pandemic has paved the way for the largest decline of global energy investment in history, with spending set to plummet in every major sector this year.
"The historic plunge in global energy investment is deeply troubling for many reasons," Fatih Birol, executive director at the IEA, said in a statement. The stringent restrictions, which have brought world travel close to a standstill, are expected to result in the worst economic downturn since the Great Depression in the 1930s.
Oil accounts for most of this decline, the group continued, adding that, for the first time, global spending on oil was set to fall below the amount spent on electricity. In 2020, it will jump toward 40%, they continued, before quickly dashing the hopes of climate activists hoping this could reflect a permanent change.
Let's counteract that with the largest investment in clean energy ever. EVs, solar PV, nationwide HVDC transmission network, heat pumps, onshore wind, geothermal with idled drilling equipment, offshore wind, etc!
because free energy is coming for the world. ObamaGate nothing can stop what is coming.