Global energy investment fell by 12% in 2016, the second consecutive year of decline, as increased spending on energy efficiency and electricity networks was more than offset by a continued drop in upstream oil and gas spending, according to the International Energy Agency’s annual World Energy Investment report.
Global energy investment amounted to $1.7 trillion in 2016, or 2.2% of global GDP. For the first time, spending on the electricity sector around the world exceeded the combined spending on oil, gas and coal supply. The share of clean-energy spending reached 43% of total supply investment, a record high. The U.S. saw a sharp decline in oil and gas investment, and accounted for 16% of global spending.