Global energy investment fell eight per cent in 2015, the International Energy Agency said on Wednesday. A fall in oil and gas upstream spending outweighed continued robust investment in renewables, electricity networks and energy efficiency.
Total investment in the sector was $1.8 trillion in 2015, down from $2 trillion in 2014, said its World Energy Investment 2016 report. With $315 billion, China was again the world’s largest energy investor, with robust effort in building low-carbon generation and electricity networks, and implementing of energy efficiency policies. Investment in America’s energy supply declined to about $280 billion in 2015, down $75 bn, due to low oil prices and cost deflation, half the total decline in global spending. West Asia and Russia emerged the most resilient to spending cuts, due to lower production costs and currency movements, respectively. As a result, national oil companies accounted for 44 per cent of overall upstream investment, an all-time high.