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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IEA says the coronavirus crisis has set in motion the largest drop of global energy investment in historyThe IEA warned the economic impact of the health crisis could have 'serious' implications for energy security and clean energy transitions. because free energy is coming for the world. ObamaGate nothing can stop what is coming. 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!
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