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The global investment in energy
fell by 12 percent in 2016, while spending on clean energy hit a
record high, the International Energy Agency (IEA) said in its
report at 22nd World Petroleum Congress on Tuesday.
The spending on energy declined for the second year in a row, as
increased spending on energy efficiency and electricity networks
was more than offset by a continued drop in upstream oil and gas
spending, the IEA said in its annual report.
The IEA report on world energy investment was released in
Istanbul at the 22nd World Petroleum Congress which highlights
energy's future.
Energy investment around the world amounted to 1.7 trillion U.S.
dollars in 2016, accounting for 2.2 percent of global GDP, the
report said, noting that spending on the electricity sector
worldwide exceeded the combined spending on oil, gas and coal
supply for the first time.
"The share of clean-energy spending reached 43 percent of total
supply investment, a record high," the report said.
As the world's largest energy investor, China saw a 25 percent
decline in coal-fired power investment last year and is
increasingly driven by clean electricity generation and networks,
as well as energy efficiency investment, said the report.
As to the United States, investment in oil and gas fell sharply
as well, accounting for 16 percent of the global spending. India,
meanwhile, became the fastest-growing major energy investment
market with spending up 7 percent, thanks to a strong government
push to modernize and expand the power sector.
"Our analysis shows that smart investment decisions are more
critical than ever for maintaining energy security and meeting
environmental goals," Dr. Fatih Birol, the IEA's executive director
was quoted as saying.
"As the oil and gas industry refocuses on shorter-cycle
projects, the need for policymakers to keep an eye on the long-term
adequacy of supply is more important," he cautioned.
"Even with ambitious climate-mitigation goals, current
investment activity in oil and gas will have to rise from its
current slump," he added.
The report expects global upstream oil and gas investment to
stabilise in 2017. "However, an upswing in U.S. shale spending
contrasts with stagnation in the rest of the world, signaling a
two-speed oil market," it noted.
"At the same time, the oil and gas industry overall is
transforming itself by delivering large cost savings and focusing
more on technology development and efficient project execution,"
added the report.
The report is expecting China to overtake Europe within a few
years in terms of energy-efficiency investment, as the Asian
country has replaced Japan as the world's top spender on energy
research and development as a share of GDP.
For some chief executives from the energy sector who were
attending the Istanbul petroleum congress, technological advances
and still greater efficiency hold the key to the sector's
future.
Patrick Pouyanne, CEO of France's Total, called for more
investment to meet the demand for energy in the decades to come, as
he saw the sector being beset by three challenges, namely economic
volatility, geopolitical uncertainties and climate change.
He expects to see an energy-mixed revolution in the coming years
with technological advancements.
In the view of Decio Oddone, director general of Brazil's
National Agency of Petroleum, Natural Gas and Biofuels, the pace of
change has quickened with new development and technology in the
sector.
"We are living at a time in which we worry about climate change,
and as a result we are initiating the transition to a low-carbon
economy," he said.
"Transition to a low-carbon economy without the phantom of oil
shocks represents good news for the world economy. It signifies
smaller risks for the global economic growth," he added.
Shri Dharmendra Pradhan, India's minister of state for petroleum
and natural gas, thinks that a big development in electric vehicles
can have a far-reaching impact on the oil and gas industry.
While introducing the IEA report to the press in Istanbul, Birol
said that when electric cars finally account for half of those on
the road, the demand for oil shall be growing still, as "the demand
won't come from cars." Enditem
