World Energy Investment Report 2018

World Energy Investment Report 2018
World Energy Investment Report 2018 Image link: http://en.kremlin.ru/events/president/news/55903
C O N T E N T S:

KEY TOPICS

  • Total global energy investment fell by 2% in 2017, totalling $1.8 billion according to the International Energy Agency's World Energy Investment 2018 report which was published this week, which also showed $750 billion was spent on the electricity sector, compared to only $715 billion on oil & gas supply, while investment in renewables and energy efficiency fell by 3%.(More...)
  • Investment in new conventional capacity is set to plunge in 2018 to about one-third of the total, a multi-year low raising concerns about the future energy supply.(More...)
  • Fossil fuels? share of energy investment needs to drop to 40% by 2030 to meet climate targets but instead rose fractionally to 59% in 2017.(More...)
  • "Despite this increased role of governments, the overall trend of energy investment remains insufficient for meeting energy security, climate and air quality goals, and is not spurring an acceleration in technologies needed for the clean energy transition," IEA Executive Director Fatih Birol said in the report.(More...)

POSSIBLY USEFUL

  • Despite a 6% decline in spending, the electricity sector again attracted the largest share of energy sector investments, exceeding the oil and gas industry for the second year in row, as the energy sector moves toward greater electrification.(More...)
  • This underpins a record increase in U.S. light tight oil (LTO) production of 1.3 million barrels a day in 2018.(More...)
  • Breaking the investment total down by type of deal, the dominant category - as always - was asset finance of utility-scale renewable energy projects of more than 1MW. This was $216.1 billion in 2017, up fractionally on the previous year.(More...)
  • In 2017, Chinese investment across all clean energy technologies stood at an all-time high of $132.6 billion, but it has dropped so far this year.(More...)
  • China now holds more than half of the world?s solar energy capacity, following a 58 percent increase last year of $86.5 billion in investment, and an additional 53 gigawatts -- more than half the global total.(More...)

RANKED SELECTED SOURCES

KEY TOPICS

Total global energy investment fell by 2% in 2017, totalling $1.8 billion according to the International Energy Agency's World Energy Investment 2018 report which was published this week, which also showed $750 billion was spent on the electricity sector, compared to only $715 billion on oil & gas supply, while investment in renewables and energy efficiency fell by 3%. [1] The electricity sector attracted more investment in 2017 than the oil and gas industry for the second year in a row, the IEA said in its World Energy Investment 2018 report, its annual review of global energy spending. [2]

As investment in the world?s energy sector remained on a downward trajectory for the third consecutive year, the total investment in renewables and energy efficiency declined by about 3% in 2017 following two years of increases, according to the International Energy Agency's (IEA) World Energy Investment 2018 report. [3]

The International Energy Agency (IEA) has published its 2018 World Energy Investment report, which highlights the ways in which investment decisions taken today are determining how energy supply and demand will unfold tomorrow. [4] Investment in coal power dropped sharply but was offset by an uptick in oil and gas spending, the World Energy Investment report found. [5]

Adapted from IEA World Energy Investment report, 2018 ; Note: Electricity investment includes generation and networks. [6] The report Global Trends in Renewable Energy Investment 2018, published by UN Environment, the Frankfurt School-UNEP Collaborating Centre, and Bloomberg New Energy Finance, finds that falling costs for solar electricity, and to some extent wind power, is continuing to drive deployment. [7] The International Energy Agency (IEA) published its annual World Energy Investment report on Tuesday in which it details spending across the global energy sector, including grids, oil & gas, electricity, and renewable energy and energy efficiency. [1] As the world's energy sector moves toward greater electrification, investments in electricity surpassed investment in oil and gas for a second consecutive year in 2017, the International Energy Agency (IEA) said in its World Energy Investment 2018 report on Tuesday. [8] Join the Center on Global Energy Policy for a presentation and discussion of the IEA's World Energy Investment 2018 with Alessandro Blasi, Senior Programme Officer and Michael Waldron, Energy Investment Analyst at the IEA. World Energy Investment 2018 provides a critical benchmark for decision making by governments, the energy industry and financial institutions to set policy frameworks, implement business strategies, finance new projects and develop new technologies. [9]

Investment in new conventional capacity is set to plunge in 2018 to about one-third of the total, a multi-year low raising concerns about the future energy supply. [10] World leaders? warm words on renewables and energy efficiency needed to be matched with action, Birol said, urging governments to create less investment uncertainty for green energy. [5] According to the organisation, 2017 was the third consecutive year of decline in global energy investment with energy efficiency the lone sector of growth. [4] State-backed investments are accounting for a rising share of global energy investment, as state-owned enterprises have remained more resilient in oil and gas and thermal power compared with the private sector. [4] Globally, energy investment fell 2% to $1.8tn in 2017, with electricity taking a bigger share than oil and gas for the second year in a row. [5] The share of global energy investment driven by state-owned enterprises increased over the past five years to over 40% in 2017. [4] For the third consecutive year, global energy investment declined, to USD 1.8 trillion in 2017--a 2% decline in real terms from the previous year. [10] According to the IEA analysis, global energy investment in 2017 failed to keep up with energy security and sustainability goals, raising concerns about the long-term adequacy of world?s energy supply. [10]

The IEA?s new World Energy Investment report, now in its third year, looks at energy investment around the world in 2017. [11] Spending on the power sector was driven by grid investments as it moves towards more electrification, the IEA's annual World Energy Investment report said. [12]

Fossil fuels? share of energy investment needs to drop to 40% by 2030 to meet climate targets but instead rose fractionally to 59% in 2017. [5] LONDON (Reuters) - Global electricity investments exceeded those in oil and gas for the second year running in 2017 due to more spending on grids but renewable energy investment fell after years of growth, the International Energy Agency said on Tuesday. [12] Underlining a trend towards greater electrification, the highest amount of global energy investments in 2017 - some $750 billion - was devoted to electricity generation and supply for the second consecutive year, outstripping the traditionally dominant oil and gas sectors, which attracted $716 billion. [3] Government interventions are becoming increasingly important in energy, with state-backed investment accounting for a rising share of global energy investment, as state-owned oil and gas companies, and power generators, have been more resilient than the private sector. [2] This increase for oil and gas supply means fossil fuels accounted for a rising share of global energy investment for the first time since 2014, the IEA says. [11]

Solar power may still be the darling of clean energy investment according to the latest snapshot of global energy investment published by the International Energy Agency (IEA), but the shadow of China looms large. [13] The International Energy Agency's latest study of global energy investment paints another rosy picture for solar - even as the authors warn of missed sustainable growth targets - but the report covers last year, and notes China's policy about-turn could blow a cold wind through PV. [13]

Last year was the eighth in a row in which global investment in renewables exceeded $200 billion - and since 2004, the world has invested $2.9 trillion in these green energy sources. [7] However, the combined global investment into renewable energy and energy efficiency fell by 3% in 2017 and, according to the IEA, there's a risk it could fall further in 2018. [1] The determination of utilities to invest in grids suitable to incorporate small-scale generation as well as smart devices, saw investment in power grids rise to 40% of power sector energy investment, the highest level for ten years, although the funding pumped into stationary battery storage fell almost 10% to $2 billion. [13] Altogether, the power sector attracted the largest share of energy investments for the second year in a row, reflecting the move towards greater electrification in the energy sector, the IEA says. [11] It shows that global energy investment sat at $1.8tn in 2017, a 2% decline in real terms from the previous year. [11] It shows that global energy investment fell by 2% in 2017, including a "worrying" decline for renewables. [11] That means global energy investment fell by 2 percent from 2016 after adjusting for inflation, and the IEA warned the trend does not appear to be reversing. [14] Global energy investment totaled $1.8 trillion last year, down 2 percent from 2016. [12] Global energy investment in 2017, by type, showing percent change from 2016. [11]

Renewable energy investment was driven by record spending for solar PV around the globe, but particularly in China, which accounted for 45% of solar PV investments in 2017. [1]

The Global Trends in Renewable Energy Investment 2018 report, released by UN Environment, Frankfurt School - UNEP Collaborating Centre, and Bloomberg New Energy Finance, reports that falling costs for solar electricity, and to some extent wind power, are continuing to drive deployment. [15] In 2017, global power sector investment fell by 6% to near US$750 billion in 2017, mainly the result of a 10% slump in the commissioning of new generation capacity, according to the International Energy Agency?s third edition of the World Energy Investment (WEI) report. [16] Global energy investment totaled USD 1.8 trillion in 2017, a 2% decline in real terms from the previous year, according to the International Energy Agency?s World Energy Investment 2018 report. [17] After collapsing between 2014-16 by over 40% amid the downturn, an upstream recovery that saw 4% growth in 2017 will this year accelerate to 5%, accounting for projects worth $472bn, the IEA said in its World Energy Investment 2018 Report. [18]

"Despite this increased role of governments, the overall trend of energy investment remains insufficient for meeting energy security, climate and air quality goals, and is not spurring an acceleration in technologies needed for the clean energy transition," IEA Executive Director Fatih Birol said in the report. [14] India saw energy investment in renewables trump fossil fuel expenditure for the first time, although a report published today raises question marks on the quality of returns on that investment and the imposition of safeguarding duties may retard progress. [13] Energy efficiency levels remained relatively immune to the downward trend in energy investment, with a total of $236 billion invested into energy efficiency efforts across buildings, transport, and industry throughout 2017. [1] Solar's continued success story was in part accounted for by economies in scale illustrated by the fact the size of PV projects installed rose by a factor of 4.5 since 2012, but also by continued price falls which saw the unit cost of solar - which accounted for a record 8% of total energy investment worldwide - fall almost 15% thanks to lower module prices and a move into lower cost regions. [13] China's position as the largest destination of all energy investment, taking over one-fifth of the global total, makes this particularly significant. [11] Onshore wind investment levels fell by 15% largely due to the United States, China, Europe, and Brazil, former juggernauts of onshore wind energy investments. [1]

Global energy investment fell by 2% in 2017, the third consecutive year of a decline, which sounded the alarm this week, warning that the world is not spending enough on energy. [19] Global investments in renewable energy of $2.7 trillion from 2007 to 2017 have increased the proportion of world electricity generated by wind, solar, biomass and waste-to-energy, geothermal, marine and small hydro from 5.2 percent to 12.1 percent. [15]

The Global Trends in Renewable Energy Investment 2018 report, released today by UN Environment, Frankfurt School - UNEP Collaborating Centre, and Bloomberg New Energy Finance, finds that falling costs for solar electricity, and to some extent wind power, is continuing to drive deployment. [20] In total, global solar investment jumped 18 percent to $160.8 billion with cumulative renewable energy investment reaching $2.9 trillion since 2004. [15] The bullish momentum for global clean energy investment, which rose 3% to $333.5 billion in 2017, will continue this year. [21] Global energy investment has fallen for the third straight year, the report notes, declining by 2% to US$1.8 trillion. [22] The IEA's report on energy investments also found that the financial prospects of the U.S. shale industry are improving, and that investment in renewables and energy efficiency dropped last year for the first time after several years of growth, with a risk of further decline. [8] Another concern about the latest energy investment estimates is that spending on renewables and energy efficiency dropped by 3 percent last year and "there is a risk that it will slow further this year." [8]

While accounting for only 8% of total energy investment, combined investment in coal-fired power and coal supply suffered a 22% drop, declining by USD 38 billion since 2016." [16] China was a center for overall energy investment, the IEA highlights, "taking over one-fifth of the global total," followed closely by the U.S., with Europe coming in third at around 15%. [22] Total global energy investment came in at US$1.8 trillion in 2017, down by 2 percent in real terms compared to 2016. [8] The report notes that state-backed investments account for an increasing share of global energy investment, and that the vast majority of power sector investments are driven by or linked to public policies. [22] "China's energy investment is increasingly driven by low-carbon electricity supply and networks, and energy efficiency. [19] "The overall trend of energy investment remains insufficient for meeting energy security, climate and air quality goals, and is not spurring an acceleration in technologies needed for the clean energy transition," International Energy Agency's Executive Director Fatih Birol said in a statement published by the agency. [19]

The IEA in its world energy investment report found total global energy investments declined 2 percent from 2016 to reach $1.8 trillion last year. [23] London and New York, January 16, 2018 - An extraordinary boom in photovoltaic installations made 2017 a record year for China?s investment in clean energy. [24] Global spending in the oil and gas upstream sector will continue to recover in 2018 as stronger prices and healthier oil demand growth encourage investment, according to the International Energy Agency. [18]

The world added a record 138.5 gigawatts of renewable power capacity in 2016 despite a 23 percent drop in investment, reflecting the falling cost of clean energy, the UN announced Thursday. [20] Global investments in renewable energy of $2.7 trillion from 2007 to 2017 (11 years inclusive) have increased the proportion of world electricity generated by wind, solar, biomass and waste-to-energy, geothermal, marine and small hydro from 5.2 per cent to 12.1 per cent. [20]

World clean energy investment totalled $333.5 billion last year, up 3% from 2016 and the second highest annual figure ever, taking cumulative investment since 2010 to $2.5 trillion. [24] For all energy investments, China took in about 20 percent of the world total. [23]

The electricity sector attracted the largest share of energy investments in 2017, with more than USD 750 billion, exceeding the oil and gas industry, with USD 715 billion, for the second year in row. [17]

Fatih Birol discusses the newest edition of World Energy Outlook, the prospects for renewable energy, and the outlook for energy markets in the coming year. [25] Unsurprisingly, this reliance on coal is also reflected in an increase in emissions, with China?s share of the mix jumping from 5.7% in 1973 to over 28% two years ago, according to the latest Key World Energy Statistics report by the International Energy Agency (IEA). [26] World Energy Outlook (WEO) is a publication created by the International Energy Agency (IEA), the 2017 edition of which was released on 14 November. [27]

Solar led the way, as mentioned above, attracting $160.8 billion - equivalent to 48% of the global total for all of clean energy investment. [24] Alongside China?s growing share of global renewable energy investment are initiatives to clean up air pollution, including a 100-metre-tall smog-sucking tower in the city of Xian. [26] Europe, meanwhile, suffered an even larger decline (36%) in renewable energy investment, to $40.9 billion. [26] The clean energy investment total excludes hydro-electric projects of more than 50MW. However, for comparison, final investment decisions in large hydro are likely to have been worth $40-50 billion in 2017. [24] From China to Mexico, renewable energy investments are hot. [20]

What growth? Although global investment in renewable electricity generation accounted for 16% of total world energy investment in 2017- around $300 billion-that actually represented a decline of 7% from the previous year. [28] Earlier this summer the International Energy Agency (IEA) released its third annual World Energy Investment Report, providing a survey of investment trends in the global energy sector over the last year. [28] The CSIS Energy & National Security Program is pleased to host Laszlo Varro, Chief Economist at the International Energy Agency (IEA), to discuss the IEA's World Energy Investment 2017. [29]

Of the four new reactors commissioned, three were in China, the World Energy Investment report said. [30]

Investments into clean energy in India rose 22% in the first half of 2018 compared to the same period last year, while investments by China fell 15% during the period, according to a report by Bloomberg New Energy Finance (NEF). [31] January 16, 2018 /3BL Media/ - An extraordinary boom in photovoltaic installations made 2017 a record year for China?s investment in clean energy. [32]

A few numbers--all taken from the report--to illustrate: Last year, total investment in the world energy system was around $1.7 trillion. [28] According to BP?s Statistical Review of World Energy, world electricity generation reached 25,511 terawatt-hours in 2017 (BP 2018). [33] EIA?s International Energy Outlook 2018 (IEO2018) focuses on how different drivers of macroeconomic growth may affect international energy markets in three heavily populated and high economic growth regions of the world: China, India, and Africa. [34]

Global investment in renewable energy hit $333.5 billion in 2018, the second-highest on record, according to a new analysis from Bloomberg New Energy Finance (BNEF). [35] According to BP?s Statistical Review of World Energy, world primary energy consumption reached 13,511 million tons of oil equivalent in 2017 (BP 2018). [33] By comparison, the BP Statistical Review of World Energy reports that the world oil reserves at the end of 2017 were 239 billion metric tons. [33] By comparison, the BP Statistical Review of World Energy reports that the world natural gas reserves at the end of 2017 were 194 trillion cubic meters (166 billion tons of oil equivalent). [33]

Part 2 of this year?s World Energy Annual Report will discuss the details of oil production projections and show figures of historical and projected oil production for individual regions. [33]

Global energy investment totaled $1.8 trillion last year with more than $750 billion going to the electricity sector, according to the recently released "World Energy Invest 2018" report by the International Energy Agency (IEA). [36] The Global Trends in Renewable Energy Investment 2018 report, compiled by BNEF, the United Nations Environment Program, and the Frankfurt School-UNEP Collaborating Centre, said solar power led all renewable sources, accounting for 98 GW--or 38%--of new global power generation capacity installed last year. [37]

Solar power dominated half of 2017's total clean energy investments at $160.8 billion, mostly thanks to China's "insatiable appetite" for solar projects, a Bloomberg report noted. [35] For the third consecutive year, global energy investment declined, to $1.8 trillion in 2017, a fall of 2% in real terms, the report said. [30] As IEA Director Fatih Birol states in the Forward to the report: "the overall trend of energy investment remains insufficient for meeting energy security, climate and air quality goals, and is not spurring acceleration in technologies needed for the clean energy transition." [28] BNEF?s Annual Clean Energy Investment trends report released. [32]

Energy investment in 2016 totaled 1.7 trillion dollars, around 2.2 percent of the global economy. [29] China is not the only country ramping up clean energy investments. [35] The report covers critical details about energy investment across various energy sectors, sources, and regions. [29]

The purpose of this Annual Report is to provide updated analysis of the current development of world energy production and consumption, consider possible scenarios of world energy supply over the 21st century, and evaluate their implications for global economic growth and climate change. [33] Sources: World historical oil, natural gas, and coal consumption from 1950 to 1964 is estimated from carbon dioxide emissions (Boden, Marland, and Andres 2017); world primary energy consumption and its composition from 1965 to 2017 is from BP (2018); world primary energy consumption and its composition from 2018 to 2050 is based on this report?s projections. [33] World natural gas consumption was 3,156 million tons of oil equivalent in 2017, accounting for 23 percent of the world primary energy consumption (BP revised the measurement of natural gas consumption in 2018). [33]

This is based on the assumption of 38 percent efficiency in conventional thermal electricity generation and is the formula used by BP?s Statistical Review of World Energy to convert nuclear and renewable electricity into primary energy consumption. [33]

Wind and solar power is projected to grow rapidly and account for about one-third of the world energy supply by the mid-21st century. [33] Sources: World primary energy consumption from 1990 to 2017 is from BP (2018). [33]

In its latest annual World Energy Investment report, the IEA said spending on new LNG liquefaction plants had remained "subdued" over the past two years. [38] The rapid growth of sustainable energy technology investment between 2002 and 2015 has been driven by the government?s policies and generous incentives targeted at wind and solar energy to make China a major world producer and build up its energy capacity in these technologies. [39] China leads the world in attracting later-stage private investment in sustainable energy technologies (with a global share of 33%) followed by the EU (25%) and the United States (18%) ( Figure 6-40 ). [39]

Despite the decline in sustainable energy technology investment, the world added a record 137 gigawatts of renewable energy capacity excluding hydropower in 2016. [39]

NEW YORK -- Developing countries, with China at the forefront of the group, are leading in global investment in renewable power generation, according to a new report on global trends in renewable energy investment released Thursday. [40] Global solar energy investment last year jumped 18 percent to reach $160.8 billion in investment in 2017. [40] Developing economies increased their renewable energy investments by 20 percent last year, committing $177 billion to renewables. [40]

Sustainable energy investment in Japan soared between 2011 and 2015 largely because of generous government incentives for solar investment enacted in response to the government?s push to diversify energy sources in the wake of the Fukushima nuclear reactor accident in 2011. [39]

POSSIBLY USEFUL

Despite a 6% decline in spending, the electricity sector again attracted the largest share of energy sector investments, exceeding the oil and gas industry for the second year in row, as the energy sector moves toward greater electrification. [4] The share of fossil fuels in energy supply investment rose last year for the first time since 2014, as spending in oil and gas increased modestly. [10] Fossil fuels increased their share of energy supply investment for the first time since 2014, to $790bn, and will play a significant role for years on current trends, the IEA said. [5]

The improved prospects for the U.S. shale sector contrast with the rest of the upstream oil and gas industry, said the IEA. Investment in conventional oil projects, which are responsible for the bulk of global supply, remains subdued. [10] It was a second year in the row when investment in the electricity sector exceeded that in the oil and gas industry. [10] Retirements of nuclear power plants exceeded new construction starts as investment in the sector declined to its lowest level in five years in 2017. [10] Nuclear power fell sharply to the lowest level of investment in five years. [5] While coal investment fell to its lowest level in 10 years, spending on gas-fired power stations rose 40%. [5]

Investment in renewable power, which accounted for two-thirds of power generation spending, dropped 7% in 2017. [10] In 2017, global power sector investment fell by 6% to near USD 750 billion, mainly the result of a 10% slump in the commissioning of new generation capacity. [10] Over the past decade, the ratio of global power sector investment to demand growth more than doubled on average with policies to encourage renewables and efforts to upgrade and expand grids, but also due to more energy efficiency dampening demand growth. [10] The world?s energy watchdog has sounded the alarm over a "worrying" pause in the shift to clean energy after global investment in renewables fell 7% to $318bn (240bn) last year. [5] "The decline in global investment for renewables and energy efficiency combined could threaten the expansion of clean energy needed to meet energy security, climate and clean-air goals," said Fatih Birol, executive director, IEA. [4] After several years of growth, combined global investment in renewables and energy efficiency declined by 3% in 2017 and will likely slow further this year. [10]

Efficiency investment growth has weakened in the past year as policy activity showed signs of slowing down. [10] Recent policy changes in China and the reduction of government subsidies for the solar industry raise the risk of a slowdown in investment this year. [10]

In the oil and gas industry, rising prices have helped investment in production rise 4% last year and is expected to grow 5% this year. [5] Outside the U.S., investment in conventional oil and gas projects remains subdued and Birol said the world faced "major difficulties" if investment was not stepped up. [5] More than 95% of all power sector investment is now based on regulation or contracts for remuneration, with a dwindling role for new projects based solely on revenues from variable pricing in competitive wholesale markets. [10] The relationship between electricity demand and investment continues to evolve, with the power sector becoming more capital intensive. [10] The share of investment in less capital-intensive thermal generation has generally declined over time. [10] Investment in gas-fired generation capacity rose by nearly 40%, led by the United States and the Middle East/North Africa. [10]

As China accounts for more than 40% of global investment in solar PV, its policy changes have global implications. [10]

The International Energy Agency said the decline is set to continue into 2018, threatening energy security, climate change and air pollution goals. [5] While energy efficiency showed some of the strongest expansion in 2017, it was not enough to offset the decline in renewables. [10]

The report provides a snapshot of how the global energy system is evolving: Investments in electricity sector nonetheless exceeded investments oil-and-gas supply for the second time, "reflecting the ongoing electrification of the world?s economy and supported by robust investment in networks and renewable power," the agency said. [6] Spending on solar and wind power is increasing the supply of low-carbon energy, but investment in zero-emissions nuclear plants and hydropower is falling. [14] That investment includes spending on power plants, electric grids, new oil and gas wells, and systems to make buildings more energy efficient. [14]

There was more encouraging news on the R&D front with global government investment rising to around 8% of the total worldwide energy spend - around $27 billion - after several years of stagnation. [13] Following a strong year for clean energy spending, 2017 saw a 7% decline in renewable power investment - to around $298 billion - while the share of fossil fuels in energy supply funding rose for the first time since 2014, according to the International Energy Agency in a report published today. [3] The report Creating Markets for Climate Business identifies seven industry sectors that can make a crucial difference in catalyzing private investment: renewable energy, off-grid solar and energy storage, agribusiness, green buildings, urban transportation, water, and urban waste management. [7] While energy efficiency was the fastest growing sector - with a 3% increase in investment reaching $236 million - investment in renewable power, which accounted for two-thirds of power generation spending, dropped 7% in 2017, as growth in solar and offshore wind were undermined by declines in onshore wind and hydropower. [3] Capital flows into renewable power fell by 7 percent, with growth in solar and wind power offset by declines in hydropower and nuclear energy. [14]

The report also finds that after several years of growth, spending on renewable energy fell by 7% in 2017 - and it could fall yet further this year. [2]

While spending to generate power is falling, investment to help buildings, vehicles and industry use energy more efficiently continues to rise. [14] State-owned enterprises now account for 40 percent of all investments in energy, and about 95 percent of spending in the power sector is linked to regulation or relies on some form of subsidy. [14] EV battery costs have declined more quickly than most other emerging energy technologies, the IEA notes, with investment in battery manufacturing capacity rising more than fivefold since 2012. [11] Although only a small segment at present, the IEA noted a significant rise in investment in electrolyzers to make hydrogen for clean energy use. [13]

In addition to declining investment in the combination of renewable power and energy efficiency, the share of fossil fuels in energy supply investment figures rose for in 2017 for the first time since 2014, with spending in oil and gas increasing by a modest margin. [1] The share of fossil fuels in energy supply investment rose last year for the first time since 2014, as spending in oil and gas increased modestly, but that was in part because of an increase in oil and gas prices. [2]

Despite rising renewable energy production, investment in energy efficiency and renewables went down by 3 percent last year after several years of growth and could decline further this year, the IEA said. [12] The growth of energy efficiency investments slowed, while total renewables investment fell by 7% and could drop more this year, the IEA said. [6]

Although electricity investment has shifted towards renewables, networks and flexibility, the expected output from low carbon power investments fell 10% in 2017 and did not keep pace with demand growth, the IEA found, and the report stresses more robust investment in renewables is needed in the light of a sharp fall in investment in new nuclear. [3] The world installed a record 98 gigawatts of new solar capacity, far more than the net additions of any other technology - renewable, fossil fuel or nuclear and solar power attracted far more investment, at $160.8 billion, up 18 per cent, than any other technology. [7]

The IEA also warns that recent policy changes in China aiming to promote more cost-effective solar "raise the risk" of a slowdown in investment in 2018. [11] "Investment in new conventional capacity is set to plunge in 2018 to about one-third of the total, a multi-year low raising concerns about the long-term adequacy of supply," the agency warned. [2] The share of national oil companies in total oil and gas upstream investment remained near record highs, a trend expected to continue this year, the IEA said. [12] As the chart below shows, 2017 saw a modest 4% rise in spending in oil and gas supply, after investment had roughly halved in the previous two years. [11] Overall investment still slumped 5 percent from the previous year, as a sharp drop in spending on power plants offset an uptick in dollars flowing to the electric grid. [14] Its report this year shows final investment decisions for coal power plants fell by 18% in 2017, to just a third of their 2010 levels. [11] Another striking finding from the IEA is that investment in nuclear power nearly halved in 2017, falling by 45% to its lowest level in five years as fewer new plants came online. [11] More old nuclear power plants were retired in 2017 than new ones started to be built as investment in the sector dropped to its lowest level in five years. [2] Happily, however, final investment decisions for new coal power plants declined for the second-straight year, and only reached a third of their 2010 level. [1] Despite prices doubling for the type of coal used in power plants, investments in mining new supplies fell by 13 percent last year, slumping to just below $80 billion. [14] Specifically, investment in renewable power declined by 7% in 2017 to nearly $300 billion, but still accounted for two-thirds of power generation spending. [1] One of the most striking findings of this year?s report is that investment in renewable power (green and dark blue blocks in the chart, below) in India topped that for fossil fuel-based generation (grey and red blocks) for the first time last year. [11] "Robust investment in renewable power is even more important for boosting low-carbon power generation in light of a sharp fall in investment in new nuclear power," the IEA said. [14] Investment in renewable power in India topped fossil fuels for the first time in 2017, according to the International Energy Agency (IEA). [11] Solar energy dominated global investment in new power generation like never before in 2017. [7]

Nuclear power is not strictly considered renewable energy, but the two are linked because they both generate electricity without emitting planet-warming emissions like carbon dioxide. [14]

This underpins a record increase in U.S. light tight oil (LTO) production of 1.3 million barrels a day in 2018. [10] Investment in conventional oil projects, which are responsible for the bulk of global supply, remains subdued, the report said. [2] By the numbers: Combined investment in oil-and-gas and electricity supply declined 2% to $1.8 trillion, a figure that represents 1.9% of global GDP, the Paris-based agency said in its annual report on spending trends and levels. [6]

In last year?s report, the IEA projected investment in coal plants was set to decline "dramatically" after passing an all-time high in the previous few years. [11] Final investment decisions for new coal-fired plants declined for a second year running, but the global coal fleet continued to expand in 2017, mostly due to markets in Asia. [12] Investment in the global energy sector totaled $1.8 trillion in 2017, marking a 2 percent drop from the previous year after adjusting for inflation. [14] China has decided to cut subsidies for new solar plants and restrict the number of new projects which raises the risk of a slowdown in investment this year. [12] Renewable investment reached a record high of nearly $20bn, driven by a more than doubling of solar PV investment and record spending in onshore wind projects. [11] As China accounts for more than 40% of all investment in solar, this has global implications, the IEA says. [11] Last year was the fifth consecutive year of falling coal supply investment in China, following a decade of continuous growth, the IEA says. [11] Reduced spending in coal mining in China is also largely behind the 13% fall in coal supply investment 2017, to just below $80bn, the IEA says. [11]

Spending on the plants that generate power -- especially from coal, hydropower and nuclear fuel -- had the biggest drag on overall investment. [14] Global nuclear power investment and expected generation from new (dark blue, left and green, right) and existing plants (light blue, left and orange, right). [11] The report calls this slowdown in these low-carbon investments worrisome from a climate change standpoint because it's happening as investments in new nuclear generations are falling sharply, and are at their lowest levels in five years. [6] The report also said that investment in the nuclear sector sank to its lowest level in five years last year as more plants were retired than newly built. [12] Rising investment in low carbon transport was another indicator of the importance of government intervention, with purchase incentive schemes driving 24% of electric vehicle take-up, and the report points out exponential rises in customer EV purchases and in building energy efficiency, ventilation and air conditioning investment, are still barely denting more traditional technology in these sectors. [13] Energy efficiency too, echoes the IEA's appeal to politicians worldwide, with the report stating: "Overall, investment in energy efficiency is closely linked to government policies, and there is room to tighten standards and encourage higher spending." [13] Investment in energy efficiency is also closely linked to government policy - often through energy performance standards - where there are signs of slowing progress, the IEA says. [11] The IEA warns these investments are slowing down, partly due to lackluster implementation of energy efficiency policies. [14] When combined, the two clean energy sectors illustrate the risk of slowing low-carbon supply investment, which the IEA says is a worrying trend. [3]

The IEA warns last year's clean energy spending is insufficient to meet global climate goals. [3] The IEA adds that supportive policies and tendering of larger renewable energy lots in India is helping investors take advantage of economies of scale. [11] The spending is largely geared toward updating transmission and distribution lines and integrating smart technology to prepare for a world with more electric vehicles and renewable energy. [14] CleanTechnica is the #1 cleantech-focused news & analysis website in the U.S. & the world, focusing primarily on electric cars, solar energy, wind energy, & energy storage. [1]

The share of fossil fuels in the energy mix needs to fall to 40% by 2030, but it was in fact slightly higher last year than the previous year at 59%. [2] The report also reveals the share of fossil fuels in the global energy supply increased for the first time since 2014 - to just under 60% - as a result of rising spending on oil and gas. [3] This year's report was highlighted by the continued electrification of the energy sector, with $750 billion going towards electricity compared to only $715 billion being invested in oil and gas supply globally. [1]

As the chart shows, oil and gas supply investment increased in 2017. [11] Investment also picked up in oil and gas exploration and production as the recovery in crude prices continued. [14]

As the IEA chart below shows, investment in large-scale carbon capture, utilisation and storage (CCUS) projects has declined markedly in recent years. [11] The IEA expects it to fall to 40% by 2030, but adds that "current investment patterns suggest a still-significant role for fossil fuels in coming years". [11] Investment in big projects that yield huge payloads of fossil fuels over many years, like new offshore wells, now account for just a third of investment. [14] Over the next few years, I would expect the investment numbers to rise again as investors realize that cost efficiency reductions are slowing down. [3]

Half of the drop was due to declining investment in coal-fired plants in China and India, the two emerging economies that drive global economic growth. [14] In the short term, it reduces investment not just because of lower spending in China but because a surplus of solar equipment has pushed down prices around the world. [2] The downturn in renewables spending is expected to continue this year, following recent policy changes in China linked to a reversal of support for subsidized PV, warns the IEA, which notes China accounts for more than 40% of global investment in solar. [3] "The threat of tougher policy action to address climate change and air pollution and enhanced competition from renewables continue to discourage investment in coal," IEA said. [14] Large investments to expand production capacity of lithium and cobalt are now required to avoid bottlenecks in the supply chain for lithium-ion batteries that could disrupt EV cost reductions, the IEA says. [11] According to IEA, final investment decisions in coal-fired plants in 2017 fell by two-thirds from 2010 levels. [14]

According to this year's report, total investment in 2017 reached $1.8 billion, down 2% in real terms from 2016 which itself was down 12% on 2015. [1] Total investment in the sector was $1.8 trillion last year, 2% lower in real terms than in 2016. [2]

Investment in renewables still sat at 298bn, accounting for two-thirds of power sector spending. [11] On the back of a massive drop in technology prices - which contributed to last year's decline in renewables investment - the average prices awarded in tenders plummeted, paving the way for bigger projects. [3] Solar and offshore wind investment rose compared to 2016, but this was more than offset by a decline in onshore wind, hydro and solar thermal investment. [11]

Across all power sector investments, more than 95% of financial backing is now based on regulation or contracts for remuneration, with a dwindling role for new projects based solely on revenues from variable pricing in competitive wholesale markets, according to the IEA. [3] Investment remains "tiny" compared with copper and coal, says the IEA. [11] Overall, power sector investment fell by nearly 10% in India, due to a significant reduction in coal spend. [11]

Of the nuclear investment that remains, a growing share is going to upgrades of existing reactors, which now represent around half of total nuclear investment. [11] This is shown in the chart, below, with a sharp fall in investment in new nuclear capacity (dark blue columns, below left) partly offset by rising spend on keeping old plants open (light blue). [11] Investment in natural gas-fired plants rose 40 percent, and mostly came from the United States and the Middle East-North Africa region. [14] Final investment decisions -- an indicator of future construction -- dropped by 23 percent last year. [14]

Investment in new coal-fired plants in China dropped by 55% in 2017, however. [11]

Global investment in energy supplies dipped slightly last year, the third annual decline amid slowing growth of coal, hydro and nuclear power, which outpaced a boost in oil-and-gas, the International Energy Agency said. [6] The amount of money flowing into the energy sector fell for a third straight year in 2017, raising concerns about the world's ability to provide enough power and tackle climate change, the International Energy Agency reported Tuesday. [14] The world spent $236 billion on energy efficiency in 2017, up 3 percent from the previous year, largely on heating, cooling and lighting improvements in buildings. [14]

In part, this reflects continued falls in the price of renewable energy and energy efficiency technologies, but it also reflects a change in policy in China, which dominates renewable energy spending globally. [2] "Such a decline in global investment for renewables and energy efficiency combined, is worrying," said Dr Fatih Birol, the IEA?s Executive Director. [3]

The energy sector needs to provide more heat and transport energy, as well as power, from electricity in order to help global economies decarbonize and meet the targets of the Paris climate change agreement of keeping average temperature rises "well below 2°C". [2]

The shale sector in the U.S. has almost halved its break-even price to bring it below the amount it earns per barrel, the IEA said, "providing a more sustainable basis for future expansion" and underpinning a record increase in U.S. light tight oil production of 1.3 million barrels a day in 2018. [2] Global investment in upstream oil and gas supply from 2012 to 2017. [11] China recently announced it would cut support payments for solar photovoltaic (PV) installations, which has had a profound effect on the global market because China accounts for more than 40% of global investment in the technology. [2]

This trend matches the one highlighted in Carbon Brief?s recent map showing all the coal plants in the world in each year between 2000 and 2017. [11] Some of the decline was offset by an increase in spending on energy efficiency, but this was not enough to offset the fall in clean energy spending. [2] While the energy efficiency sector grew, it only grew by 3% in 2017 despite previous stronger growth. [1]

New solar installations will top 100 GW this year, with China likely to make up about half of that total, according to a new report from Bloomberg New Energy Finance (BNEF), which lays out some key predictions for 2018. [21] An IEA commentary recalls the IEA?s Sustainable Development Scenario (SDS), which finds that "global investment in renewable electricity needs to almost double" in order to meet global climate, clean air and energy access goals. [22] "The extraordinary surge in solar investment shows how the global energy map is changing and, more importantly, what the economic benefits are of such a shift," UN Environment head Erik Solheim, said in a statement. [15] "In countries that saw lower investment, it generally reflected a mixture of changes in policy support, the timing of large project financings, such as in offshore wind, and lower capital costs per megawatt," Angus McCrone, chief editor of Bloomberg New Energy Finance and lead author of the report, said in a statement. [15] The report highlights that energy efficiency represents "the lone sector of growth" in 2017 and that investment in electricity generation and supply (US$750 billion) has exceeded that of oil and gas supply (US$716 billion) for the second year in a row, though the two categories have each declined relative to 2016 figures. [22] Several countries across the globe have committed to increasing their investment in renewable energy, while decreasing investment in other forms of energy. [15] Cheaper inputs mean that developers can get more gigawatts of clean energy per dollar invested, which explains why the headline investment figure appears to not be growing by all that much. [21]

Overall, while the usual caveats about uncertainty regarding policy, regulation and the performance of financial markets apply, 2018 is shaping up to be another great one for renewable energy. [21] This report by UN Environment, the Frankfurt School-UNEP Collaborating Centre, and Bloomberg New Energy Finance, finds that falling costs for solar electricity, and to some extent wind power, is continuing to drive deployment. [41] For instance, the tariffs for some onshore wind projects in Mexico dropped to a whopping $18.60 per MWh, a price that "would have been unthinkable only two or three years ago," Angus McCrone, Chief Editor at Bloomberg New Energy Finance, wrote in the report. [21]

The recent rally in oil prices (and somewhat for gas) will aid in the transition to cleaner energy, making wind, solar and EVs more competitive. [21] The share of fossil fuels in investment in energy supply increased in 2017 for the first time since 2014, as spending on oil and gas supply increased modestly, the IEA said. [8] "As a reminder that much of the world?s power generation continues to depend on fossil fuels, it is noteworthy that the share of fossil fuels, including thermal power generation, in total energy supply investment rose for the first time since 2014 to 59%," the report states. [16]

"Investment in new conventional capacity is set to plunge in 2018 to about one-third of the total, a multi-year low raising concerns about the long-term adequacy of supply," the IEA said. [8] Following a decline in excess of 40% between 2014 and 2016, upstream investment rebounded modestly in 2017 by 4% to USD 450 billion (in nominal terms)40 and, according to guidance provided by companies, is set to increase by 5% to USD 472 billion in 2018 (Figure 1.29). [16] The United States remains the engine of upstream investment growth, with its overall capital spending, including shale and conventional resources, set to increase by around 10% in 2018. [16] It underscores that although investment in renewable power declined by about 7%, there was record spending on solar PV, nearly half of which took place in China. [22] The declining investment in coal, hydro and nuclear power more than offset the increased spending on solar. [19] Final investment decisions for gas power plants fell by 23% in 2017, while those for coal dropped by 18% to a level only one-third of that in 2010. [16] The share of national oil companies in total oil and gas upstream investment around the world stayed close to record highs, and that share is expected to keep up this year as well. [8] Last year, more than US$750 billion in investment went to the electricity sector, which attracted the largest share of spending amid robust expenditure on grids. [8]

"Over the past decade, the ratio of global power sector investment to demand growth more than doubled with policies to encourage renewables and efforts to upgrade and expand grids, but also due to more energy efficiency. [16] Investment in the power sector fell by 6% in 2017, according to a new report by the International Energy Agency. [16]

The report emphasizes declining costs? impacts on investment trends, noting that unit costs for solar photovoltaic (PV) projects fell by an average of 15%. [22] While the overall investment rose, some of the world?s superpowers actually saw a decline in solar power investment. [15] Investment is rising in technologies designed to enhance the flexibility of power systems and support the integration of variable renewables and new sources of demand. [16] Is increased investment in electric power relative to oil telling us something? Electrification offers a cleaner, more nationally secure future. [8]

The United States saw a 6 percent decrease in investment, bringing the total to $40.5 billion. [15] Overall, in Europe there was a 36 percent drop across the board, with a $40.9 billion total investment. [15] Japan also had a 28 percent slip in investment, bringing their total to $13.4 billion. [15] Mexico increased its investment 810 percent to $6 billion, while Australia went up by 147 percent to $8.5 billion and Sweden increased by 127 percent to $3.7 billion. [15] The U.K. had a 65 percent decrease, bringing their investment to $7.6 billion, while Germany saw a 35 percent drop in their $10.4 billion investment. [15]

There are indications of lower investment in both these sources of generation in the years ahead. [16]

Beginning this year, BNEF says that new countries will become relevant in the race for clean energy, including sizable solar installations slated for Latin America, Southeast Asia, the Middle East and Africa. [21] Unlike past years, China?s energy campaign is increasingly focused on clean energy. [19]

The IEA is the global energy authority - with data, analysis and solutions on all fuels. [42] A memorandum of a CGEP Global Energy Dialogue in London on February 20, 2017 sheds light on the complex issues facing the marine transport sector as it comes up against the 2020 IMO sulfur regulations. [9]

Coal producers around the world have pinned their long-term hopes on India, but from 2019 onward, BNEF predicts, renewable energy will surpass fossil fuels in terms of new electricity generation. [21] There were some eye-popping figures and notable progress for new renewable energy projects in 2017. [21]

China has more solar energy capacity than any other country,. [19] IEA?s Tracking Clean Energy Progress analysis finds that only four of 38 clean energy technologies are on track to deliver the Agency?s Sustainable Development Scenario goals. [22] IEA?s Tracking Clean Energy Progress (TCEP) analysis, which looks at how quickly clean energy technologies are moving towards the SDS goals, finds that only four of 38 technologies are on track. [22]

Realizing this shift suggests that the fossil fuel share of energy supply investment will need to decline to 40% by 2030. [16] Batteries? impact, the IEA finds, will be dependent on cost trends that are influenced by investments outside of the energy sector. [22]

While China leads on solar investment, Europe appears to be the frontrunner in offshore wind. [22] While prospects for shale are improving, investment in conventional projects--which account for most of the global supply--remains subdued, the report said. [8] "The relationship between electricity demand and investment continues to evolve, with the power sector becoming more capital intensive," the report states. [16] The report offers investment in lithium mining and battery manufacturing capacity as examples, which, since 2012, have increased almost tenfold and fivefold, respectively. [22]

Although investment in stationary battery storage fell by over 10% to under US$2 billion, it was six times higher than in 2012. [16] Spending reached a new high, and the grid?s share of power-sector investment rose to 40% - its highest level in a decade. [16] The share of investment in less capital-intensive thermal generation continues to decline." [16]

Investment in new coal-fired plants there dropped by 55% in 2017," IEA said. [19]

In comparison, global investments in oil and gas supply stood at US$715 billion in 2017, the Paris-based agency said in its report. [8] Last year was the eighth in a row that global investment in renewables exceeded US$200 billion. [41]

Overall, China was by far the world's largest investing country in renewables, at a record $126.6 billion, up 31 percent on 2016. [15] Countries around the world installed 98 gigawatts of new solar capacity, significantly more than renewable, fossil fuel or nuclear energies. [15] "The world added more solar capacity than coal, gas, and nuclear plants combined," Nils Stieglitz, President of Frankfurt School of Finance & Management. [15]

2018 is shaping up to be the second largest year for coal plant retirements, with an estimated 13 GW of capacity expected to be shut down. [21] Much of the decline occurred in the electricity sector and the IEA declared 2018 "the year of electricity" to raise awareness about the problem. [19] Now the industry has nearly halved its breakeven price, providing a more sustainable basis for future expansion and underpinning a record expected increase in U.S. light tight oil production of 1.3 million bpd in 2018, the IEA said. [8]

EV sales will hit 1.5 million units in 2018, and again, China will lead the way with more than half of that total. [21]

World oil consumption will reach 100 million barrels per day. [19] By the International Maritime Organization?s (IMO) reckoning, some 5.5 million barrels of oil -- 6% of world demand -- get burned daily as bunker fuel on the high seas. [9]

Breaking the investment total down by type of deal, the dominant category - as always - was asset finance of utility-scale renewable energy projects of more than 1MW. This was $216.1 billion in 2017, up fractionally on the previous year. [24] The scale of China?s investment in renewable energy is such that it now accounts for 45% of the global total, according to a report by the UN, Bloomberg New Energy Finance and the Frankfurt School-UNEP Collaborating Centre for Climate & Sustainable Energy Finance. [26] Coal and gas-fired electricity generation last year drew less than half the record investment made in solar, wind and other renewables capacity--one of several important firsts for green energy announced today in a UN-backed. [20] Investment in renewable energy hit a record $286 billion (256 billion euros) in 2015, more than half of which came from developing countries for the first time, according to a UN report released Thursday. [20] Venture capital and private equity investment in clean energy came to $4.1 billion in 2017, down 38% on the previous year and the lowest figure since 2005. [24] Overall, Chinese investment in all the clean energy technologies was $132.6 billion, up 24% setting a new record. [24]

"The extraordinary surge in solar investment shows how the global energy map is changing and, more importantly, what the economic benefits are of such a shift," said UN Environment head Erik Solheim. [20] Angus McCrone, Chief Editor of Bloomberg New Energy Finance and lead author of the report, said: "In countries that saw lower investment, it generally reflected a mixture of changes in policy support, the timing of large project financings, such as in offshore wind, and lower capital costs per megawatt." [20] Corporate investments in new energy technology companies are growing strongly, reaching their highest ever level of just over USD 6 billion in 2017 - strategic investments by companies to get a stake in potentially key new technology areas. [17]

"Upstream investment rose by 4 percent to $450 billion in 2017 and is set to rise by 5 percent to $472 billion in 2018, driven by the U.S. shale sector, which is expected to grow by around 20 percent," the IEA's report read. [23] Following the peaks in oil and gas upstream investment reached in 2014, investment collapsed abruptly as a result of lower prices. 2017 investment rebounded by 2% in real terms, and we estimate the same level of growth for 2018. [17] For fossil fuels, investment stabilized at $790 billion last year as a decline in spending in coal and liquefied natural gas was offset by an increase in oil and gas exploration and production activity, known as the upstream sector. [23] It made up 57 per cent of last year's total for all renewables (excluding large hydro) of $279.8 billion, and it towered above new investment in coal and gas generation capacity, estimated at $103 billion. [20] Investments in global clean-energy projects totaled $76.7 billion in the second quarter, up 8 percent from a year earlier. [43] There are all of the investments, the infrastructure projects, which are locking in in the countries? energy system, and it will be very difficult or very costly to shut them down before they pay their money back. [25] Annual figures from Bloomberg New Energy Finance (BNEF), based on its world-leading database of projects and deals, show that global investment in renewable energy and energy-smart technologies reached $333.5 billion last year, up 3% from a revised $324.6 billion in 2016, and only 7% short of the record figure of $360.3 billion, reached in 2015. [24] Global investment in renewable energy reached almost $280 billion last year, with China the biggest spender by far ($126.6 billion), followed by the United States ($40.5 billion). [26] A Chinese boom in solar panel installation last year helped drive global investment in renewable clean energy technology to record levels, a new study showed Tuesday. [20]

Today?s press release is being published in tandem with a comment article setting out BNEF?s 10 Predictions for Energy in 2018, based on the views of its analyst teams on everything from wind and solar, to storage and electric vehicles, from U.S. policy to advanced mobility. [24]

Financial support for renewable energy, which accounted for about 60 percent of the total spending for power generation, declined 7 percent last year. [23] China's energy future : China's influence has been felt in the coal, oil and gas and nuclear-energy sectors for some time, but the country has now also established its position as a world leader in renewable energy, efficiency and innovation. [27] Let?s remember, six, seven years ago, Chinese energy and economic policies were the most important drivers in the oil demand, supply demand, coal markets, and China is changing now. [25] The report reveals that 157 gigawatts (GW) of renewable energy was commissioned in 2017, up from 143 GW the year before. [26] In 1987, when this report was made, the share of fossil fuels in the global energy mix was 81 percent, 8-1. [25] Today in the world, 150 countries around the world, they use--about 25 percent of their energy comes from gas, on average, the global energy mix. [25] It is also, I think, two years ago, 2016, we said here again in this very chair that India is moving to the center stage of global energy affairs. [25] Abraham Louw, analyst, clean energy economics at BNEF, said: "It is notable that acquisition activity in clean energy has been in excess of $100 billion in each of the last three years. [24] Acquisitions and refinancing of renewable energy projects rose 14% to a record $87.2 billion, while corporate M&A involving specialist clean energy companies fell 51% to $17.5 billion. [24] Note: Clean energy covers renewable energy excluding large hydro, plus energy smart technologies such as efficiency, demad response, storage and electric vehicles. [24] If we want to keep the 2 degrees, we should--we should use our energy much more efficiently, making much more use of renewable energies, in my view making more use of nuclear power, and also other technologies. [25] If you think about the Trump administration?s policy of energy dominance, it could wind up that the United States is going to be exporting natural gas, and that natural gas could wind up competing with Chinese solar panels, and battery storage and other kinds of renewable energy, and not just Russian gas. [25] BNEF?s preliminary estimates are that a record 160GW of clean energy generating capacity (excluding large hydro) were commissioned in 2017, with solar providing 98GW of that, wind 56GW, biomass and waste-to-energy 3GW, small hydro 2.7GW, geothermal 700MW and marine less than 10MW. [24] The world?s biggest coal consumer wants to end its reliance on fossil fuels and to lead the global transition to clean energy sources. [26] Although not legally binding, the move was welcomed as part of the global drive to replace fossil fuels with cleaner energy sources. [26] I know that the Indian government, which we work very closely, is keen to make more use of gas in their global energy mix. [25]

China now accounts for 45% of the total global investment in renewable energy. [26] This will not change in 2018, according to the IEA. Investment will total $51bn this year--a drop of 6% from 2017. [18] The agency predicts that greenfield investment will fall to just one-third of total investment in 2018 as the industry tries to limit upfront costs. [18]

Renewable power investment declined in 2017 by 7%, despite record levels of spending on solar PV. [17] Solar power also attracted far more investment, at $160.8 billion, up 18 per cent, than any other technology. [20] Solar investment globally amounted to $160.8 billion in 2017, up 18% on the previous year despite these cost reductions. [24]

There were also 13 Chinese offshore wind projects financed last year, with total capacity of 3.7GW, and estimated investment of $10.8 billion. [24] According to the report, this was due largely to a 65% fall in investment in the United Kingdom, reflecting an end to subsidies for onshore wind and utility-scale solar, and a gap between auctions for offshore wind projects. [26]

Even with China, the second-largest economy in the world, absorbing much of the world's investments, the IEA said renewable support declined by about 7 percent. [23] The IEA, however, found that onshore wind investments declined 15 percent, though much of that was attributed to lower costs. [23] The IEA noted that areas which offer good fiscal terms and attractive geology will continue to dominate exploration investment, pointing to Mexico, offshore Brazil and Guyana, where large resources have been discovered in recent years. [18]

July 17 (UPI) -- China is the largest destination for energy sector investments, but there are concerning trends of a global slowdown, the International Energy Agency said. [23] The International Energy Agency said it's concerned about a decline in investments in renewable energy. [23]

Some big markets, however, saw declines in investment in renewables. [20] Electricity investment has shifted towards renewables, networks and flexibility. [17] While China surged ahead, having increased investment in renewables by 30% between 2016 and 2017, the U.S. lagged behind as investment decreased by 6%. [26]

Wind was the second-biggest sector for investment in 2017, at $107.2 billion. [24] Germany also witnessed a drop in investment, of 35% to $10.4 billion, on lower costs per megawatt for offshore wind and uncertainty over a shift to auctions for onshore wind. [26] There were also sharp increases in investment in Australia (up 147 per cent to $8.5 billion), Mexico (up 810 per cent to $6 billion), and in Sweden (up 127 per cent to $3.7 billion). [20] In the United States, investment dropped 6 per cent, coming in at $40.5 billion. [20] Offshore, sted said it had reached "final investment decision? on the 1.4GW Hornsea 2 project in the U.K. North Sea, at an estimated $4.8 billion. [24] On the downside, Japan saw investment decline by 16% in 2017, to $23.4 billion, while Germany slipped 26% to $14.6 billion and the U.K. 56% to $10.3 billion in the face of changes in policy support. [24]

The expected output from low-carbon power investments fell 10% in 2017 and did not keep pace with demand growth. [17]

The biggest deals were a $400 million Series A round for Microvast Power System, a Chinese maker of electric vehicle technology, and a $155 million expansion capital round for Greenko Energy Holdings, an Indian wind project developer. [24] China also accounts for 44 percent of the payrolls in the wind energy industry. [23] In your handout, at the end, there?s a notion that we could be on that much more CO2 reduction path for an extra 15 percent invested in energy infrastructure over the next 30 or 40 years. [25]

China is such a big share now of the energy market, and the oil market specifically, that they?re really a major influence on future trends. [25] Large energy consumers in China are now installing solar panels to meet their own demand, with a minimal premium subsidy." [24]

The remaining sectors lagged far behind, with biomass and waste-to-energy down 36% at $4.7 billion, biofuels down 3% at $2 billion, small hydro 14% lower at $3.4 billion, low-carbon services 4% down at $4.8 billion, geothermal down 34% at $1.6 billion, and marine energy down 14% at just $156 million. [24] Equity-raising by specialist clean energy companies on public markets totaled $8.7 billion in 2017, down 26%. [24] Asset finance of energy-smart technologies was $21.6 billion, up 36% thanks to increased installation of smart meters and lithium-ion batteries for energy storage. [24]

For every $1 the U.S. spent on clean energy, China spent $3. [26] Energy opportunities in south-east Asia : how to supply safe, clean and accessible energy to small and remote settlements. [27] BNEF also measures money changing hands, as organizations purchase and sell clean energy projects and companies, and refinance existing project debt. [24]

Much of the increase in low-carbon energy technology RD&D spending is driven by North America, more than compensating for declines in Europe and Japan. [17]

The above figures all concern new investment coming into the clean energy sector. [24] Investment in conventional assets (responsible for the bulk of supply) remains focused on expansion of existing projects rather than developing new sources of production. [17] While investment decisions signal a continued shift towards more efficient plants, 60% of currently operating capacity uses inefficient subcritical technology. [17]

Solar panels: today--first of all, let me tell you that last year, in the world, of all the power plants built last--installed in the world, 51 percent was solar, 49--other half was the wind, plus hydro, plus coal, plus gas, plus nuclear, plus oil--49 percent, and 51 percent solar. [25] Today, China is number one in terms of solar energy in the world, number one in terms of wind energy, number one in terms of hydropower, number one in terms of energy efficiency, number one in terms of electric cars, number one in terms of nuclear power, in all these areas. [25] China, the second-largest economy in the world behind the United States, saw record spending in solar power, accounting for about 45 percent of the total. [23]

And--I come to the point--in latest in 10 years of time--and if you invite me in 10 years, I will then check again, right or wrong--China will overtake United States as the country who has largest nuclear power capacity in the world. [25] The United States was at the forefront of building nuclear power plants, always the leader of the world, many years, but recently no new nuclear powers were built. [25]

There can be a lot of competition between the fuels, technologies, and when I look at it from U.S. point of view, one of the, in my view, most important changes--transformative changes in the world today is that U.S. set to become the undisputed leader of oil and gas for many years to come. [25] "The world added more solar capacity than coal, gas, and nuclear plants combined", said Nils Stieglitz, President of Frankfurt School of Finance & Management. [20] The world installed a record 98 gigawatts of new solar capacity, far more than the net additions of any other technology - renewable, fossil fuel or nuclear. [20]

Overall, China was by far the world's largest investing country in renewables, at a record $126.6 billion, up 31 per cent on 2016. [20]

That brought the 2018 total to $137.8 billion, down 1.1 percent from a year earlier and the lowest in four years. [43] Capital spending in the U.S. shale patch is expected to increase by 20% in 2018 after a 60% jump last year, as shorter-cycle projects take precedence over offshore and oil sands ventures. [18] This underpins a record increase in U.S. light tight oil production of 1.3 million barrels a day in 2018. [17]

"Such a decline in global investment for renewables and energy efficiency combined is worrying," IEA Executive Director Fatih Birol said in a statement. [23] Of all nuclear power plants under construction today in the world, 40 percent are Chinese--Chinese are building. [25] Just over half of that world total, or $86.5 billion, was spent in China. [24]

In 2017, Chinese investment across all clean energy technologies stood at an all-time high of $132.6 billion, but it has dropped so far this year. [31] The shortfall is not being compensated for by private sector investment: venture capital investment in low-carbon energy, to take one indicator, fell last year to $2.1 billion. [28] In India, investment in renewable energy for power generation actually exceeded the investment in fossil-fuel based power generation for the first time in 2017. [28] In 2017, solar energy attracted $160.8 billion in investment in 2017, an 18% increase over 2016. [44] To this end, it has been rapidly ramping up investments in renewable energy. [31]

To project the future consumption of geothermal, biomass and other renewable electricity, I use the U.S. Energy Information Administration?s projection of net geothermal electricity generation and net other renewable electricity generation (EIA 2017, Reference Case, Table H20 and H22), adjusted to make the projected sum of net geothermal and other renewable electricity generation in 2017 matching the level reported by BP (2018). [33] For Saudi Arabia, Canada, Iran, Iraq, United Arab Emirates, and Kuwait, the ultimately recoverable resources are assumed to be the sum of cumulative production and official reserves reported by BP. For the U.S., the Energy Information Administration?s official projection is used to project the future oil production from 2018 to 2050, extended to 2100 using Hubbert linearization (EIA 2018, Reference Case, Table A1). [33]

The press release has been published in tandem with a comment article setting out BNEF?s 10 Predictions for Energy in 2018, based on the views of its analyst teams on everything from wind and solar, to storage and electric vehicles, from U.S. policy to advanced mobility. [32] Source: EIA, International Energy Outlook 2018 Republished July 30, 2018, to correct unit from trillion to billion persons. [34] The IEA said the decline is set to continue into 2018, threatening energy security, climate change and air pollution goals. [30]

This is not a new problem ( commentators have long pointed to limited government investment in energy R&D ), but it is an increasingly urgent problem if we want to build and maintain a robust technology pipeline for clean energy. [28] The report warns of a "worrying" pause in the shift to clean energy after global investment in renewables fell 7% to $318bn last year. [30] Global investment in renewable energy held steady over last year, with over $200 billion invested. [44]

Overall investment by China, though, remained vastly higher at $58.1 billion in the first half of 2018, compared to India?s $7.4 billion, the report says. [31] "Assuming these plants run an extra 10 years, generation from lifetime extensions over the past five years is equivalent to 15% of expected lifetime output from solar PV and wind investments over the same period, at just 3% of the cost," the report said. [30] The share of clean power sources - renewables and nuclear - in generation investment was over 70% in 2017, up from less than 50% a decade ago, though this stems partly from lower coal-fired power investment. [30]

In the last couple of years, India has been eyeing the pole position in the clean energy transformation, looking to have at least 175,000 megawatts (MW) of installed renewable energy capacity by 2022. [31] The world added more solar power capacity than any other type of energy in 2017, outpacing all fossil fuels, according to a new report from the United Nations Environment Programme (UNEP). [44] Renewable energy, including wind, hydro, and solar, supplied a record 12% of the world's energy needs, according to the report. [44] Solar energy is already cheaper than coal! I guess, in these conditions, world coal production would go down very steep in a few years. [33] U.S. coal share in electric energy production is still going down to 28%, as compared to about 40% ten years ago. [33] CO2 and climate change continue their upward trajectory after peak oil, gas and coal peaks? What will they have to bang on after they are gone? However, if Energy production does not meet energy needs, the CO2 could come from burnt trees. [33] Keep in mind that the actual exergy utilized is only about 38% of primary energy (probably less because average ice efficiency is only 30% or less and there is a huge amount of energy used in the production, refining and distribution of oil, coal, and natural gas. [33] Aadding the coal, natural gas and oil thermal losses together we get 169000 EJ of wasted energy from a total of 275000 EJ of primary energy provided by all fossil fuels in 2017. [33]

My guess is that the energy transition from fossil fuels to wind, solar, hydro and nuclear power will result in much of the projection after the peak, to be much higher than what is actually realized as falling prices for fossil fuels due to lack of demand will mean that much of the resource is no longer profitable to produce. [33] Solar provided 98 gigawatts of that, wind was at 56 gigawatts, biomass and waste-to-energy was 3 gigawatts, small hydro was 2.7 gigawatts, geothermal was 700 megawatts and marine power (energy carried by ocean waves, tides, salinity) was less than 10 megawatts. [35] Solar and wind power are not more efficient in terms of energy density, sorry. [33] Among the most rapidly expanding energy supplies will be electricity from solar and wind, together growing about 400 percent. [45] If all of the electricity had been produced by wind and solar only, the 62% thermal losses would be eliminated and about 92000 EJ less primary energy would be needed. [33] I guess about renewable energy that wind and solar energy should not be grouped together. [33] China invested $133 billion across all clean energy technologies, with $86.5 billion poured just into solar. [35] China was the biggest investor in renewable energy in 2017, sinking $126.6 billion into the industry, a 30% increase over 2016. [44] China, the world?s largest renewable energy producer, with over 650,000 MW of installed capacity in 2017, is slamming the brakes on the sector. [31] China may be the world?s renewable energy leader, but where the sector?s growth is concerned, India is leaving its neighbour behind. [31] On demand for electricity, there may be faster demand growth due to increasing use of renewable energy and heat pumps. [33] It's of course all supposition but since renewable energy is advancing rapidly and there are tremendous reasons to replace FF (global warming, eco-destruction, health and diminishing supply) the transistion will proceed. [33] I don?t think the peak or peaks matter so much as when we cease to have enough cheap energy to support the global system we currently have created over the past 200 or so years, which is a result of growing fossil fuel supplies more than anything. [33] In May this year, India became home to the International Solar Alliance, a Gurugram-based non-profit treaty-based group of 121 countries promoting the use of solar energy. [31] Solar energy only is growing 40%/year for more than 10 years. [33] From a net energy perspective Wind and Solar are much better than oil sands or tight oil. [33] This can be accomplished once we have eliminated burning of fossil fuel and wind, solar and hydro energy production are abundant. [33] Wind and solar have close to zero thermal losses, if we assume energy used to produce and distribute wind and solar are similar to fossil fuel (in reality it is probably far less), we would need at most 38% of the primary energy produced by fossil fuels in a wind, solar, and hydro focused energy regime. [33]

By comparison, the U.S. Energy Information Administration projects that the world?s total installed generation capacity of all types of electric power will be about 9,800 gigawatts by 2050 (EIA 2017, Reference Case, Table H-1). [33] The most spectacular system, which has been tested in hurricane winds of 249 km/h, was built in 2007 for a Jamalco/Alcoa bauxite mine on Mt Olyphant in Jamaica The installation about 1,200 truck journeys per day and generating about 1,300 kWh of braking energy per day, which is fed back into the power network. [33]

Despite efficiency gains, global energy demand will likely increase nearly 25 percent. [45] The cost of renewable energy is about 1 percent of the land area and some money. [33] The country has been holding back subsidies to bring down a 100 billion yuan (around $15.6 billion) deficit in a state-run renewable energy fund. [31] I think your assumptions about how fast the annual additions of renewable energy capacity will reach a plateau is flawed. [33] Compare the cost to the earth for renewable energy (not biofuels or bioenergy) to the cost of fossil fuel burning. [33] A problem with the assumption that carbon emissions will equate to the amount that "is possible to produce" is that at some point the likely price trajectory of fossil fuels and renewable energy will result in a demand shortfall for fossil fuels. [33]

Why do you think there are very few coal power plants being built in the US? Coal is not the lowest cost source of energy. [33] Opened in early 2017, in the northern Chinese port city of Dalian, this plant is owned by Rongke Power and is turning out battery systems for some of the world?s largest energy storage installations. [33]

These drivers, along with consumer preferences, help us determine demand for energy across 15 sectors, covering needs for personal mobility, electricity in buildings, production of steel, cement and chemicals, plus many others. [45] " Utilities and governmental agencies in favour of the energy transition are reluctant to provide all electricity production data per square meter, apparently in order to avoid revealing their poor results. [33] In 2017 15639 TW-hours of electricity were produced from coal and natural gas, which is 56299 EJ of electrical energy. [33] Most of all the advent of the EV/renewable combination will reduce the excessive waste of transport energy and pollution from oil, coal and natural gas. [33] Oil is projected to account for 19 percent of the world primary energy consumption in 2050, natural gas will account for 18 percent, coal will account for 15 percent, nuclear electricity will account for 4.4 percent, hydro electricity will account for 7.4 percent, wind and solar electricity will account for 35 percent, other renewable electricity will account for 1.4 percent. [33] World consumption of nuclear, hydro, wind, solar, geothermal, biomass, and other renewable electricity from 2018 to 2050 is converted to their thermal equivalent using the formula: 4.4194 terawatt-hours 1 million tons of oil equivalent. [33] I assume that from 2018 to 2050, the world average wind and solar electric power capacity utilization rate will be 21.6 percent. [33] World consumption of wind and solar electricity from 2018 to 2050 is based on the projections shown in Figure 5 and Figure 6. [33]

There will be a lot of opportunity for innovators in the EV, battery, solar, wind, and net zero energy home businesses. [33] I have to agree with you Nick, the real potential of solar energy and wind energy is many times more than any complex human civilization could ever need. [33] Note: over the period new building codes can force better insulation and some solar thermal heating reducing the amount of energy needed at the PV and wind end. [33]

Nearly all growth will be in non-OECD countries (e.g. China, India), where demand will likely increase about 40 percent, or about the same amount of energy used in the Americas today. [45] Whether or not China 'likes' those other importers or not, they will act with all their capacity to secure energy, as would we. [33] In all, 2017 represented a record 160 commissioned gigawatts of clean energy generating capacity (excluding large hydro ) around the world, BNEF estimated. [35] Future world biofuels production is based on the U.S. Energy Information Administration?s projection (EIA 2017, Reference Case, Table G3), adjusted to make the projected biofuels production level in 2017 matching the level reported by BP. [33] It's based the projected production level from various energy resources. [33]

Given these projections, China?s energy demand will exceed 7 billion tons of oil equivalent by 2050. [33] However gas and coal are out of my range of expertise so I will have no opinions or predictions on the peak of these two energy sources. [33] If we assume 38% efficiency on average, then 148156 EJ of coal and natural gas were used and 91857 of this energy was just thermal loss. [33] Natural gas use is likely to increase more than any other energy source, with about half its growth for electricity generation. [45]

If you think about fossil fuel in the construction of PV and wind turbines and the energy that is required to replace the fuel with syn-fuel, it is obvious, that PV and wind turbines can achieve this, it affect the EROEI not much. [33] Total primary energy needed may be far less in the future for energy consumed per unit of real GDP produced. [33] BNEF also published its 2017 League Tables for Clean Energy & Energy Smart Technologies. [32]

The report assesses the importance of energy policy driving investment into energy efficiency and into facilities that ensure adequate levels of energy security. [29] Investment in energy efficiency did increase 3% to $236 billion and purchases of electric vehicles increased to $43 billion--a quarter of which was attributed to government purchase incentives. [28]

That is about 1.3% of total global VC investment of more than $164 billion last year. [28] Global private sector investment in biotechnology R&D was more than $45 billion in 2016. [28]

China continues to shift its investment away from coal and toward renewables and efficiency. [28] Higher natural gas prices in the future may spur investment as wind and solar may be far cheaper than natural gas and coal. [33]

Government policies and regulation together with long-term contracts continue to drive the lion?s share of investment in the power sector--suggesting that shifting those policy levers and using existing regulatory models to channel investment is where we should be focusing much of our attention if we want to accelerate the move to a low carbon electricity system. [28] One last interesting fact: according to the report, the vast majority of investment in the power sector (more than 95%) was made by companies whose revenues are fully regulated or tied to out-of-market mechanisms intended to manage the risks associated with price variability in competitive electricity markets (i.e., long-term power purchase agreements). [28]

Spending on upgrades of existing reactors now represents around half of total nuclear investment. [30] Investment in new coal plants in China declined by 55% in 2017. [28] Despite a more than doubling of thermal coal prices since early 2016, investment in coal supply in 2017 declined by 13%. [28]

From 2009 to 2017 wind in the U.S. only increased at a rate of 14%, U.S. electricity generation has been decreasing so this explains the lack of investment as the industry has not been growing. [33]

Global investment in nuclear power saw another sharp decline last year (45%), though there was an increase in spending for operating license extensions at existing nuclear power plants. [28]

World oil consumption 2017 was 6 million bpd higher than world oil production. 2.2 billion barrels for the year. [33] World oil consumption from 2018 to 2050 is assumed to be the same as the sum of the world oil production and world biofuels production. [33] World consumption of natural gas and coal from 2018 to 2050 is assumed to be the same as production. [33]

Between 2007 and 2017, global economic output grew at an average annual rate of 3.2 percent (World Bank 2018; IMF 2018). [33] The International Monetary Fund predicts that the world economic growth rate in 2018 will be 3.9 percent (IMF 2018, Statistical Appendix, Table A1). [33] Gross world product in constant 2011 international dollars from 1990 to 2016 is from World Bank (2018), extended to 2017 using growth rate reported by IMF (2018, Statistical Appendix, Table A1). [33]

World consumption of wind and solar electricity was 354 million tons of oil equivalent in 2017, accounting for 2.6 percent of the world primary energy consumption. [33] The projected sum of wind/solar, hydro, other renewables, and nuclear is about 47 percent of the world primary energy consumption by 2050. [33] As is shown in Figure 7, the current study projects that world primary energy consumption will increase from the current level of about 13.5 billion tons to nearly 20 billion tons. [33]

If there are 1.2 billion personal vehicles in the World and the average fuel economy is 20 MPG and average miles driven per year is 12,000, then those cars use 17 Gb of gasoline and diesel per year. [33] Table 1 summarizes the estimated ultimately recoverable oil resources as well as the projected peak production level and year for the world?s ten largest oil producers, the rest of the world, and the world as a whole. [33] Perhaps it would have been better if infill drilling was never used, global Oil Production would have probably peaked in 2005-2008, but the decline would have been considerably less, and it may have the kick in the pants for the world to get serious about migation. [33] World cumulative oil production up to 2017 was 192 billion metric tons. [33] World oil production (including crude oil and natural gas liquids) was 4,387 million metric tons (92.6 million barrels per day) in 2017. [33] World natural gas production was 3,165 million tons of oil equivalent (3,680 billion cubic meters) in 2017. [33] World cumulative coal production up to 2017 was 192 billion metric tons. [33]

Photovoltaics (and wind) are not feasible as stand alone productions systems for most of the world, requiring integration with other generation sources such as coal, nat gas or nuclear (and storage). [33]

In 2017, the observed world average wind electric power capacity utilization rate was 26.1 percent; the observed world average solar electric power capacity utilization rate was 14.4 percent; the observed world average wind and solar electric power capacity utilization rate was 21.2 percent. [33] In 2017, world consumption of wind electricity was 1,123 terawatt-hours, accounting for 4.4 percent of the world electricity generation; world consumption of solar electricity was 443 terawatt-hours, accounting for 1.7 percent of the world electricity generation. [33]

These capacity utilization rates are calculated using wind and solar electricity consumption and generating capacity data provided by BP (2018). [33] Sources: Annual installation of wind and solar generating capacity from 1997 to 2017 is calculated using cumulative installation data from BP (2018). [33]

The EIA's tight oil projections are likely to be too high by about a factor of 2. if we assume a linear decline from their projection in 2050 for U.S. tight oil over 10 years, the URR for U.S. tight oil is about 100 Gb for the EIA's AEO 2018 reference case (using EIA's tight oil estimates for Jan 2000 to Dec 2017 and the projection from 2018 to 2050.) [33] That?s 600k in 2018 they will not get out of the ground per EIA projections, and, at least 500k for next year. [33]

Primary energy consumption has an "autonomous" tendency to fall by about 1.2 percent a year when economic growth rate is zero. [33] Despite the rapid expansion of renewable energies, global energy supply and economic growth are expected to decelerate over the coming decades. [33] As the European Union struggled with both the global economic crisis of 2008-2009 and the Southern European financial crisis, the EU per capita energy consumption fell to 3.2 tons of oil equivalent by 2014. [33] By 2016, Japan?s per capita energy consumption fell to 3.55 tons of oil equivalent, lower than Japans? per capita consumption level in 1990. [33] By 2017, China?s per capita energy consumption rose to 2.26 tons of oil equivalent, which is still substantially below the per capita energy consumption levels of advanced capitalist economies. [33] From 2007 to 2009, the U.S. per capita energy consumption fell sharply from 7.7 tons of oil equivalent to 7.04 tons of oil equivalent, reflecting the economic damages caused by the "Great Recession". [33] From 1990 to 2013, China?s per capita energy consumption surged from 602 kilograms of oil equivalent to 2.14 tons of oil equivalent. [33] The U.S. per capita energy consumption peaked at 8.01 tons of oil equivalent in 2000. [33] If India?s per capita energy consumption continues to follow its historical trend in relation to per capita GDP, India?s per capita energy consumption will rise to 1.21 tons of oil equivalent by 2050 (when India?s per capita GDP is projected to rise to about 19,000 dollars). [33] In 1990, when Russia was a part of the Soviet Union, Russia?s per capita energy consumption was 5.8 tons of oil equivalent. [33] Japan?s per capita energy consumption peaked at 4.15 tons of oil equivalent in 2005. [33]

I must admit, I do not think it is realistic to replace fossil fuel fully with renewables and that decrease in energy consumption per capita and reduced standard of living is most likely. [33] The current study has already projected a level of renewable energy consumption that is much larger than all the mainstream energy projections. [33] In the section on main energy consumers, I did include some discussion about the projected energy consumption levels for China and India. [33]

When economic growth rate rises above zero, an increase in economic growth rate by one percentage point is associated with an increase in primary energy consumption by 0.91 percent. [33] At this rate, the thermal equivalent of world electricity generation should account for about 55 percent of the world primary energy consumption by 2050. [33] The energy electrification index is defined as the thermal equivalent of electricity generation as a share of the world primary energy consumption. [33]

Still another sobering number from the report is the one for government R&D spending in the energy sector around the world. [28] World average energy efficiency was 8,617 dollars per ton of oil equivalent in 2017. [33] World primary energy consumption is projected to rise to near 20,000 million tons of oil equivalent by 2050. [33]

The world added more solar power capacity than fossil fuels in 2017, a sign of the sector's strength. [44] In the U.S. Solar provides about 5.5 of full power (convolution of total solar output Avg. for the entire CONUS), but even that figure does not include real world conditions such as dust\dirt, snow covered panels & maintenance. [33] In 2017, the world installed 47 gigawatts of wind generating capacity and 97 gigawatts of solar generating capacity. [33]

Since the end of the Second World War, global economic growth rate has fallen below 2 percent only in several occasions. [33] Between 2007 and 2017, world oil production grew at an average annual rate of 1 percent. [33] Electricity generation from oil was 883 terawatt-hours, accounting for 3.5 percent of the world electricity generation in 2017. [33] Non-hydro renewable electricity generation was 2,152 terawatt hours, accounting for 8.4 percent of the world electricity generation in 2017. [33] Electricity generation from coal was 9,723 terawatt-hours, accounting for 38 percent of the world electricity generation in 2017. [33]

World historical consumption of oil, natural gas, and coal from 1950 to 1964 is estimated using carbon dioxide emissions from fossil fuels burning (Boden, Marland, and Andres 2017). [33] Given the currently available information, world oil production is projected to peak in the early 2020s, world natural gas production is projected to peak in the 2030s, and world coal production is projected to peak in the late 2020s. [33] For the "Rest of the World" (world excluding the ten largest natural gas producers), a clear downward linear trend of the annual production to cumulative production ratio can be identified for the past several years. [33] Between 2007 and 2017, world natural gas production grew at an average annual rate of 2.3 percent. [33]

OPEC member states and other world oil pumpers have jointly cut their production by 1.2 million barrels per day since 2016 to balance the oil market for 18 months. [33] World oil production is projected to peak at 4,529 million metric tons in 2021. [33] World carbon dioxide emissions from fossil fuels burning are projected to peak at 36.5 billion metric tons in 2028. [33] The U.S. invested $57 billion--the world's second-biggest backer of renewables despite President Trump's efforts to boost fossil fuels and slash coal regulations. [35]

National and regional GDP from 1990 to 2016 is from World Bank (2018), extended to 2017 using growth rates reported by IMF (2018, Statistical Appendix, Table A1, A2, and A4). [33] Sources: World economic growth rates from 1991 to 2016 are from World Bank (2018); world economic growth rates in 2017 and 2018 are from IMF (2018, Statistical Appendix, Table A1); world economic growth rates from 2019 to 2050 are based on this report?s projections. [33] National and regional population from 1990 to 2016 is from World Bank (2018), extended to 2017 by assuming that the 2017 population growth rates are the same as the 2016 growth rates. [33] China?s and India?s GDP and population projections from 2018 to 2050 are from EIA (2017, Reference Case, Table A3 and Table J4), adjusted to make the projected GDP and population levels in 2017 matching the levels reported by World Bank (2018). [33] Sources: World electricity generation from 1990 to 2017 is from BP (2018). [33] Nuclear electricity generation was 2,636 terawatt-hours, accounting for 10 percent of the world electricity generation in 2017. [33]

World natural gas production is projected to peak at 3,921 million tons of oil equivalent in 2036. [33] Oil in metric tons is converted to oil equivalent using the formula: 1 metric ton of oil production 1.034 tons of oil equivalent (using the observed world average ratio in 2017). [33]

After looking on your last post on OPEC Production in May 2018, I guess most OPEC countries have no spare capacity, with the exception of Saudi Arabia and Kuwait, that stayed on their quota ceiling. [33] National and regional primary energy consumption from 1990 to 2017 is from BP (2018). [33] A 2014 study by the International Energy Agency estimated that close to $50 trillion will be invested in the global energy system between now and 2035. [28] We create a starting point for our projections using International Energy Agency (IEA) annual data, along with third-party data and recent energy trends. [45]

To project China?s and India?s per capita primary energy consumption, a log-linear relationship is estimated between the per capita primary energy consumption and per capita GDP for the period 1990-2017. [33] As India?s economy grew rapidly, India?s per capita energy consumption grew from 225 kilograms of oil equivalent in 1990 to 562 kilograms of oil equivalent in 2017. [33]

China now holds more than half of the world?s solar energy capacity, following a 58 percent increase last year of $86.5 billion in investment, and an additional 53 gigawatts -- more than half the global total. [40] Global private investment in sustainable energy technologies, including solar, wind, biofuels, geothermal, and energy smart--was $260 billion in 2016 ( Figure 6-34 ). ? [39] The groups said 2017 marked the eighth straight year with more than $200 billion in worldwide investment in renewable energy technologies, although the nearly $280 billion spent on renewable energy projects (excluding large hydropower) lagged the record $323.4 billion invested in 2015. [37]

RANKED SELECTED SOURCES(45 source documents arranged by frequency of occurrence in the above report)

1. (125) World Energy 2018-2050: World Energy Annual Report (Part 1) Peak Oil Barrel

2. (35) IEA: Renewables investment in India topped fossil fuels for first time in 2017

3. (26) Runaway 53GW Solar Boom in China Pushed Global Clean Energy Investment Ahead in 2017 | Bloomberg NEF

4. (24) Investment in energy fell again in 2017: International Energy Agency

5. (20) news: IEA releases World Energy Investment 2018

6. (18) Follow the Money | Legal Planet

7. (17) World added far more solar than fossil fuel power generating capacity in 2017

8. (17) World Energy Outlook | Council on Foreign Relations

9. (15) Global Green Energy Investment Increased in 2017

10. (15) IEA: Power Generation Investment Fell In 2017 - Diesel & Gas Turbine Worldwide

11. (15) The Global Energy System Is Becoming More Electric, But Not Fast Enough

12. (13) Global Energy Spending Totaled $1.8 Trillion In 2017 As Clean Energy Investment Dropped 3% | CleanTechnica

13. (13) For every $1 the US spent on clean energy in 2017, China spent $3 | World Economic Forum

14. (13) Global energy investment in 2017 moved away from energy security and sustainability goals, finds IEA pv magazine International

15. (12) IEA Report Shows Falling Global Investment in Energy, Record Spending on Solar | News | SDG Knowledge Hub | IISD

16. (12) IEA frets over global spending on energy - UPI.com

17. (12) Electricity Investment Exceeds Oil, Gas For Second Year In A Row | OilPrice.com

18. (11) IEA: 2017 global energy investment fails to keep up with sustainability - SAFETY4SEA

19. (11) 2018: A breakout year for clean energy investment

20. (11) IEA warns of 'worrying trend' as global investment in renewables falls | Business | The Guardian

21. (9) Chinese shadow over latest IEA world energy report pv magazine International

22. (9) World Energy Investment on a Downslide | Financial Tribune

23. (9) India's investments in renewable energy are growing faster than even China's -- Quartz India

24. (8) Electricity investments surpass oil, gas for second year running: IEA | Reuters

25. (7) Global Investment In Nuclear Down By 45%, Says IEA Report

26. (7) Worldwide Clean Energy Investments Hit $333.5 Billion Last Year

27. (6) IEA sees upstream spending revival

28. (6) IEA issues 2018 World Energy Investment report | ESI-Africa.com

29. (6) Renewable energy growth outpaces coal, oil, fossil fuels - Business Insider

30. (6) The Outlook for Energy: A View to 2040 | ExxonMobil

31. (6) Global energy investment dips in 2017 - Axios

32. (5) Report - S&E Indicators 2018 | NSF - National Science Foundation

33. (5) Global Trends in Renewable Energy Investment Report 2018 | Green Growth Knowledge Platform

34. (4) IEA's World Energy Investment 2017 | Center for Strategic and International Studies

35. (4) BNEF?s Annual Clean Energy Investment Trends Report Released | 3BL Media

36. (4) China, developing countries, lead in renewable and solar energy investment | Devex

37. (3) World Energy Outlook: looking ahead to 2040 | Eni

38. (3) Columbia | SIPA Center on Global Energy Policy | IEA World Energy Investment 2018

39. (2) International Energy Outlook 2018

40. (2) Investments in Renewables Dwarf New Coal, Gas Generation

41. (2) Global Trends in Renewable Energy Investment Report 2018 | BizKnowledge Watch

42. (2) Global Clean-Energy Investments Have Slowed in 2018 - Bloomberg

43. (1) US Shale Investments Skyrocket As Upstream Spending Descends | Oil and Gas Investor

44. (1) Investment in LNG supply projects facing continued decline: IEA | S&P Global Platts

45. (1) https://twitter.com/iea/status/1018756971070152705

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