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Source: IEA
The latest edition of the International Energy Agency’s World Energy Investment report demonstrates how the global energy scene has changed from when the first edition of the report in 2015 showed energy investment in China just edging ahead of that of the United States.
Today, China is by far the world’s largest overall energy investor, spending twice as much on energy as the European Union – and almost as much as the EU and United States combined.
China’s share of global clean energy investment has risen from a quarter 10 years ago to almost one-third today. Spending on renewables and low-emissions fuels in the United States almost doubled over the last 10 years but is now set to level off as supportive policies are scaled back.
Meanwhile, spending on upstream oil and gas is gravitating towards large resource holders in the Middle East. The region’s share of global upstream investment is set to reach 20% in 2025 – the highest level on record.
Constrained spending in Russia has brought its share down to around 6%.
Many developing economies, especially in Africa, are struggling to mobilize capital for energy infrastructure. Currency depreciation and higher interest rates have made it more difficult to access and service debt. Energy investments in Africa are one-third lower in 2025 than they were in 2015, as a decline in oil and gas spending has been only partially offset by higher investments in renewable power. Africa accounts for only 2% of clean energy investment despite having 20% of the world population.
Although well behind China, energy investment trends in India and Brazil stand out among emerging and developing economies. Strong and sustained policy support has enabled these countries to take advantage of low cost solar power, accompanied by significant wind and bioenergy investments, and the development of Brazil’s large offshore oil resources. India looks set to reach its 2030 target of 50% non-fossil generation capacity ahead of schedule.
Southeast Asia’s deployment of emerging technologies lags behind other regions, but the region is finding a place in clean energy supply chains, second only to China for solar manufacturing, while Indonesia is the world’s largest nickel producer.
The report finds that global energy investment is set to increase in 2025 to a record $3.3 trillion despite headwinds from elevated geopolitical tensions and economic uncertainty.
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