Overview and Key Findings - Global Energy Investment to 2023 - Analysis - IEA (2023)


Overview and key findings
  • show
  • Overview and key findings
    • Energy investments until 2023
    • net energy consumption
    • The cost of clean technology
    • Consequences of the energy crisis
    • Hydrogen and CCUS are gaining momentum
    • Critical minerals and industry
    • Increasing net investment to address climate change scenarios
    • sustainable financing

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International Energy Agency (2023),Global energy investment in 2023, IEA, Paris https://www.iea.org/reports/world-energy-investment-2023, License: CC BY 4.0

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Investing in world energy in 2023 Investing in world energy in 2023

Overview and key findings

Energy investments until 2023

Global energy investments in clean energy and fossil fuels 2015-2023

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(Video) World Energy Outlook 2022

Investment in electricity, 2019-2023

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Investment in end use, 2019-2023

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Investment in oil production and investment in solar energy, 2013 vs. 2023

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net energy consumption

Investment in clean energy 2015-2023

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Distribution of monetary expenditures in the oil and gas industry 2008-2022.

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The recovery from the recession caused by the Covid-19 pandemic and the response to the global energy crisis gave a big boost to investments in clean energy. Comparing our estimates for 2023 with data for 2021, during which annual investment in clean energy grows much faster than investment in fossil fuels (24% vs. 15%). Our new analysis highlights how a period of intense fossil fuel market volatility stemming from the Russian Federation's ("Russia") invasion of Ukraine accelerated the momentum behind the development of a range of clean energy technologies, even as it also led to short- and long-term oil supply struggles and gas.

We estimate that approximately $2.8 trillion will be invested in energy in 2023. More than $1.7 trillion will go to clean energy, including renewables, nuclear, grids, storage, low-emission fuels, efficiency improvements, and renewables for end use and electrification. fossil fuels and electricity, of which about 15% is used for coal, and the rest for oil and natural gas. Today, for every dollar spent on fossil fuels, $1.70 is spent on clean energy. Five years ago the ratio was 1:1.

(Video) World Energy Investment 2020 Launch Webinar

Investments in clean energy are driven by several factors. These include improving economic conditions amid high and volatile fossil fuel prices; strengthening policies through tools such as the Inflation Reduction Act in the United States and new initiatives in Europe, Japan, the People's Republic of China ("China") and elsewhere; strong support for aligning climate and energy security goals, especially in import-dependent economies, and a focus on industrial strategies as countries seek to strengthen their position in the emerging clean energy economy.

The momentum is led by renewable energy sources and electric vehicles, with other sectors such as batteries, heat pumps and nuclear power also contributing significantly. By 2023, low-emission electricity is expected to account for almost 90% of total investment in electricity generation. Solar is the top performer, with more than $1 billion a day expected to be invested in solar by 2023 ($380 billion a year), surpassing oil consumption for the first time.

Consumers are investing in more electrified end users. Demand for electric vehicles is growing, with sales expected to rise by more than one-third this year after reaching record levels in 2022. As a result, investment in electric vehicles (defined as the ratio of additional spending on electric vehicles to average sales of electric vehicles ) price in a specific country) has more than doubled since 2021 to reach $130 billion in 2023. Global heat pump sales have seen double-digit growth since 2021.

2022 will be a profitable year for many fossil fuel companies as their revenues rise due to higher fuel prices. Net revenue from the sale of fossil fuels has more than doubled compared to the average in recent years, giving global oil and gas producers about $4 trillion.

Our overall forecast, based on an analysis of the published spending plans of all large and medium-sized oil, gas and coal companies, is that investment in fossil fuel supply will grow steadily by more than 6% to $950 billion by 2023.

The lion's share of that total goes to upstream oil and gas production, where investment is forecast to rise 7% to more than $500 billion in 2023, bringing the total back to 2019 levels. About half of that increase could be absorbed by cost inflation .

Some major oil and gas companies have announced bigger spending plans, supported by record revenues. However, long-term demand uncertainty, cost concerns and pressure from many investors and owners to focus on returns rather than production growth mean that only the Middle Eastern national oil majors will spend more in 2023 than in 2022. Much more, and that's just a subset industries whose consumption exceeds pre-pandemic levels.

The total increase in spending on new oil and gas supplies is less than half of the cash flow available to the oil and gas industry. Three-quarters of cash outflows between 2010 and 2019 were typically invested in new supply. Now it's less than half, and most of that goes to dividends, share buybacks and debt repayments.

The oil and gas industry invests less than 5% of its investment in low-emission energy production. This metric varies from company to company, with double-digit shares common for large European companies. Industrial investment in cleaner fuels (such as bioenergy, hydrogen and CCUS) is increasing in response to supportive policies, but remains far from the levels required for climate-based scenarios.

Investment in coal supply is expected to increase by 10% in 2023, already well above pre-pandemic levels. Investment in new coal-fired power plants remains on a downward trend, but a warning sign emerged in 2022, with 40 GW of new coal-fired power plants approved – the highest rate since 2016. Almost all of this is in China, reflecting the high political priority for the implications to energy security after severe tensions in the electricity market in 2021 and 2022, even as China develops a range of low-emission technologies on a large scale.

Annual growth of investment in clean energy in selected countries and regions from 2019 to 2023

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The cost of clean technology

Average price of selected technologies, 2014-2022

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IEA Clean Energy Equipment Price Index, 2014-2022

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The positive momentum behind clean energy investment is not evenly distributed across countries or sectors, highlighting the challenges policymakers must address to ensure a broad and safe transition. The macroeconomic environment presents additional obstacles, with higher short-term yields on fossil fuel assets and increasing borrowing costs and debt burdens. Investments in clean energy often require high upfront costs, making financing costs a key variable for investors, even if this is offset by lower operating costs over time.

From 2021, more than 90% of the increase in clean energy investment occurred in advanced economies and China. There are bright spots elsewhere: for example, solar investment in India remains high, installations in Brazil are on a steady upward trend, and investment activity is picking up in parts of the Middle East, particularly in Saudi Arabia, the United Arab Emirates and Oman. However, higher interest rates, unclear policy frameworks and market design, fiscally burdened utilities, and high capital costs have discouraged investment in many other countries. Specifically, as of 2021, clean energy investment growth in advanced economies and China has outpaced total clean energy investment in the rest of the world.

After a series of falling costs, prices for some key clean energy technologies are rising in 2021 and 2022, driven largely by higher input prices for basic minerals, semiconductors and bulk materials such as steel and cement. At the start of 2022, solar PV module prices were around 20% higher than last year, although these price pressures have since eased. Wind turbine costs, especially for European manufacturers, remain high in early 2023 and are 35% higher than the low level in early 2020. Licensing is a major concern for investors and financiers, especially when it comes to wind power and grid infrastructure.

While solar installations are increasing year by year, some other technologies have a less reliable pipeline of projects. In response to the changing political environment, wind energy investments in major markets change from year to year. Investments in nuclear power are on the rise, but hydropower, a key source of low-emission electricity market flexibility, is in decline.

Poor grid infrastructure is a limiting factor for renewable energy investment in many developing economies, and current investment flows are highly concentrated. Advanced economies and China account for 80% of global consumption and are responsible for almost all of the growth in recent years.

Our analysis presents a mixed picture of the outlook for energy efficiency and end-use investment. They are increasing in 2022, driven by new policies in Europe and North America and unusually high energy prices. However, we expect consumption to level off in 2023 due to slowing construction activity, rising borrowing costs and tight household budgets.

(Video) IEA's World Energy Investment 2017

Consequences of the energy crisis

2019-2027 Increasing the capacity of import and export of liquefied natural gas

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Changes in global investments in natural gas supply from 2019 to 2023

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Hydrogen and CCUS are gaining momentum

Increased capacities of CO2 sequestration projects until the announced start dates of 2017-2026

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Capacity increase for hydrogen electrolysis projects with announced start dates 2017-2026

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Russia has cut the flow of gas to the EU by around 80% in 2022, seeking leverage by imposing higher energy bills on consumers and a supply shortage following its invasion of Ukraine. This has resulted in strong price and policy incentives for investors to increase gas supply outside of Russia, build alternative delivery infrastructure and increase alternatives to natural gas. All these results are visible in our analysis.

The amount of new oil and gas sources approved for development in 2022 and 2023 is below the average level of the last decade. However, new approvals in 2023 will increase by 25% compared to 2022, with most of them being natural gas, reflecting efforts to offset supply shortfalls from Russia.

A wave of new regasification capacity is underway as countries seek to secure imports of liquefied natural gas (LNG). From 2022 to 2025, Europe's annual regasification capacity will increase by 50 billion cubic meters, increasing the continent's total LNG import capacity by a fifth. Import projects are growing fastest in Asia, where more than 100 billion cubic meters of LNG import capacity is expected to be added by 2025 (more than half in China).

The crisis has also spurred additional investment in liquefaction capacity, the most expensive part of the natural gas value chain. About 6 billion cubic meters of capacity has been approved since Russia's invasion of Ukraine, nearly doubling the rate of new approvals compared to the past decade. Together with projects already under construction, this will bring an unprecedented export capacity of 17 billion cubic meters, which could be commissioned between 2025 and 2027.

A key conundrum for investors working on large capital-intensive natural gas supply projects is balancing strong short-term demand growth with uncertain and potentially declining long-term demand. This is a particular problem for Europe, given the continent's strong climate goals. Many importers were reluctant to enter into long-term gas supply contracts. Favoring floating regasification terminals is one way to avoid blocking future emissions.

The second path is the expansion of investment in low-emission fuels and CCUS. Driven by energy security and climate requirements, new policies expand the line of projects in these areas. The number of hydrogen electrolysis projects has increased in Europe, while increased incentives in the US in the Lower Inflation Act have fueled a wave of investor interest in hydrogen and CCUS. After many false dawns, the number of large projects and well-funded sponsors, as well as a series of acquisitions by major oil and gas companies, particularly in transportation biofuels and biogas, suggest that investment in low-emission fuels may increase in the coming years.

Critical minerals and industry

2018-2022 Capital expenditures of large non-ferrous mining companies

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Lithium-ion battery production capacity, 2022-2030

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(Video) Fatih Birol Of International Energy Agency Discusses India's Renewable Energy Sector | Davos 2023

A safe clean energy transition depends on resilient and diverse clean energy technology supply chains. According to data from the International Energy AgencyPerspectives of energy technologyCumulative investments in clean energy generation and key minerals supply, in addition to the energy sector investments covered in this report, will require about $1.2 trillion in cumulative investments by 2030 to stay on track for a 1.5°C scenario.

Record sales of electric vehicles, strong investment in electric battery storage (expected to approach $40 billion by 2023, nearly double 2022 levels), and a policy push to expand domestic supply chains are driving a new lithium-ion battery wave of construction necessities around the world. If all capacity announcements are implemented, 5.2 TWh of new capacity will be available by 2030.

Currently, China is a major player in all stages of global battery production, with the exception of basic mineral extraction. The announced production plans will somewhat weaken that position. By 2022, more than 75% of existing battery production capacity will be located in China. However, despite a two-thirds annual global capacity increase by 2030, China's share of global capacity could fall by nearly 10 percentage points by the end of the decade.

A key question for battery manufacturers is whether supply of base minerals can meet demand. Investments in basic minerals mining grow by 30% in 2022 due to high prices and increased political support. Exploration spending also increased, particularly for lithium, copper and nickel, led by Canada and Australia, with increased activity in Brazil and resource-rich countries in Africa. However, it can take more than 10 years to move from exploration to new production, and there is still widespread concern that critical mineral investment will limit production and clean technology development.

Critical minerals and batteries are areas where clean technology innovation is key. Public spending on research and development is constantly increasing, as is business spending. However, clean energy venture capital financing faces difficulties in a more challenging macroeconomic environment after the 2022 peak.

For a decade, cheap capital lowered the barriers to investing in risky bets, covering the fundamental weaknesses of the innovation system. As the cost of capital rises, the health of these systems and the level of public support will be key factors in determining the speed at which new technological ideas continue to flow.

Increasing net investment to address climate change scenarios

Historical energy investments compared to the requirements of the ILO scenario for 2030

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sustainable financing

Issuance of sustainable debt by type of issuer 2016-2022

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Clean energy consumption in selected regions by 2022

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Sustainable debt issuance in selected territories in 2022

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International Energy AgencyWorld Energy Outlook 2021, we wrote: "The world is not investing enough to meet its future energy needs [...] The IEA's analysis has repeatedly pointed out that increasing spending to spur the development of clean energy technologies and infrastructure offers a way out of this impasse, but it must happen quickly, otherwise global energy markets face periods of instability and volatility.”

That is starting to change: global energy investment is rising, with clean energy investment growth leading the way from 2021, outpacing fossil fuel investment growth by almost three to one. Clean electricity is leading the way. If it continues to grow at the rate it has been growing since 2021, total consumption in 2030 of low-emission electricity, grid and storage, and end-use electrification will exceed the levels needed to meet global climate commitments (GCC). For some technologies, especially solar, this will correspond to the investment needed to achieve a global average temperature stabilization of 1.5°C (NZE scenario).

However, progress has been uneven. Investments in expanding and modernizing networks are lagging behind in many countries. With the increase in the share of solar and wind energy, investments are needed in technologies that enable greater flexibility of the power system. Supply chain and skills bottlenecks can limit growth. Most importantly, geographic investment imbalances need to be addressed, as many emerging and developing economies experience slow growth in clean energy investment and large numbers of people without access to modern energy services.

(Video) World Energy Investment 2023

Other pillars of the transition to clean energy have not yet shown the same positive momentum as clean electrification. Investments in energy efficiency have increased, but are far below more ambitious climate scenarios. New policy measures encourage investment in low-emission fuels, but from a very low base.

Fossil fuel consumption is better aligned with 2030 needs that reflect the current policy environment (STEPS), but manufacturers need to closely monitor clean energy consumption developments, particularly as clean electrification affects demand for electricity generation fuels, as well as mobility and heat. The risks of locking in fossil fuel use are clear: fossil fuel investment in 2023 is now more than double the level needed to meet the much lower demand in the NZE scenario.

A key unanswered question is how quickly clean energy investment will increase in emerging and developing economies, where supportive strategies and policies must be accompanied by improved access to finance. Currently, sustainable financial instruments remain concentrated in advanced economies, accounting for nearly 80% of sustainable debt issuance in 2022. Issuance elsewhere (outside China) has grown from a low base, with India's successful first green bond issuance an industry milestone. Scaling up these instruments and mobilizing more support from development financial institutions will be critical to continue scaling up and accelerating the clean energy transition.


What is the energy outlook for 2023 IEA? ›

We estimate that around USD 2.8 trillion will be invested in energy in 2023. More than USD 1.7 trillion is going to clean energy, including renewable power, nuclear, grids, storage, low-emission fuels, efficiency improvements and end-use renewables and electrification.

What is the global energy perspective for 2023? ›

Global energy consumption will grow by just 1.3% in 2023, amid a slowing economy and high energy prices. Waning gas supplies and extreme weather events will force many countries to fall back on fossil fuels, delaying the green energy transition.

What are the IEA energy predictions? ›

Energy-related CO2 emissions rebounded to 36.6 Gt in 2021, the largest ever annual rise in emissions. In the STEPS, they reach a plateau around 37 Gt before falling slowly to 32 Gt in 2050, a trajectory that would lead to a 2.5 °C rise in global average temperatures by 2100.

What are the goals of the IEA? ›

The IEA is at the heart of global dialogue on energy, providing authoritative analysis, data, policy recommendations, and real-world solutions to help countries provide secure and sustainable energy for all.

Will energy prices go down in 2023 usa? ›

The average electricity bill for households in the U.S. rose from $0.147 kWh in January 2022 to $0.168 per kWh in January 2023. Energy prices aren't likely to decrease, but the rapid increase from 2021 to 2022 may slow in 2023.

What is the outlook for utilities in 2023? ›

For 2023, the outlook for the utilities sector is strong. The sector's defensive characteristics could continue to look attractive to investors seeking shelter during market and economic choppiness.

What are the challenges of energy industry in 2023? ›

The Economist's Energy Outlook 2023 outlines three trends that will eventually hinders global energy transition efforts: marginal growth in coal consumption to compensate for gaps in gas supplies; more extreme weather events will force many countries to fall back on fossil fuels; and renewable energy investment will ...

Will the energy sector do well in 2023? ›

Notably, FactSet predicts this industry group could post 46% year-over-year growth in earnings in 2023, despite the broader sector's expected decline. In sum, limited supply could offset falling demand to help keep commodity prices elevated.

What is the IEA predicting about renewables? ›

Forecast summary

Global renewable capacity is expected to increase by almost 2 400 GW (almost 75%) between 2022 and 2027 in the IEA main-case forecast, equal to the entire installed power capacity of the People's Republic of China (hereafter “China”).

What does IEA mean in energy? ›

IEA – International Energy Agency.

What is the new policies scenario for IEA? ›

In the IEA New Policies Scenario, China's coal demand will increase by 30% to over 2850 million tonnes per year by 2020 and stabilize above 2800 million tonnes until 2035 (Figure 1.8).

Who controls IEA? ›

The IEA operates autonomously, with its own budget and governance structure.

What are the multiple benefits of energy efficiency IEA? ›

The potential benefits of energy efficiency measures include improved physical health such as reduced symptoms of respiratory and cardiovascular conditions, rheumatism, arthritis and allergies, as well as fewer injuries.

Who is funding the IEA? ›

The Institute is entirely independent of any political party or group, and is entirely funded by voluntary donations from individuals, companies and foundations who want to support its work, plus income from book sales and conferences. It does no contract work and accepts no money from government.

Will gas and food prices go down in 2023? ›

Food prices are expected to grow more slowly in 2023 than in 2022 but still at above historical-average rates. In 2023, all food prices are predicted to increase 6.2 percent, with a prediction interval of 4.9 to 7.5 percent.

Will natural gas prices continue to rise in 2023? ›

Expected 2023 natural gas prices are around 44% lower than forward market expectations in December,” Moody's said. That has resulted in 2023 expected power prices more than 40% lower than 2022 in some regions, according to the research note which cited S&P Global Market Intelligence data.

Will gas go down in 2023? ›

Will Gas Prices Go Up or Down in the Future? Future gas prices depend on a number of factors that aren't easy to predict, but as a benchmark, the U.S. Energy Information Administration released predictions for lower gas prices, averaging $3.32 per gallon in 2023 and $3.09 per gallon in 2024 for regular gasoline.

What is the outlook for the energy market? ›

Industrial electricity demand is most affected by economic conditions. We forecast that U.S. electricity sales to industrial customers in 2023 will also be close to the same as in 2022, about 1% lower because of a 1% drop in manufacturing production in our forecast for 2023.

What is the outlook for energy a view to 2030? ›

World primary energy consumption is projected to grow by 1.6% p.a. from 2011 to 2030, adding 36% to global consumption by 2030.

What are the projected energy sources for 2030? ›

In the baseline scenario, structure of the installed capacity of generating sources by 2030 is as follows:
  • coal - 55%;
  • gas - 25%;
  • renewable energy, including hydroelectric power plants - 20%.
Feb 21, 2022

What is the biggest problem with energy? ›

Summary. The world lacks safe, low-carbon, and cheap large-scale energy alternatives to fossil fuels. Until we scale up those alternatives the world will continue to face the two energy problems of today. The energy problem that receives most attention is the link between energy access and greenhouse gas emissions.

What are the 3 main challenges for developing renewable energy? ›

What are the problems faced by renewable energy?
  • The high initial cost of installation. Carbon emissions are the main cause of global warming. ...
  • Lack of infrastructure. ...
  • Power Storage. ...
  • Non-renewable energy monopoly. ...
  • Lack of knowledge and awareness. ...
  • Lack of policies, subsidies, etc.

What are the smart grid trends in 2023? ›

In 2023, we can expect to see increased use of AI algorithms in smart grid management. These algorithms will be able to predict demand patterns, identify potential issues before they occur, and optimize the operation of the grid.

What is the outlook for natural resources in 2023? ›

Investment in energy and natural resources is on an upward trend. However, cost inflation, bottlenecks and the higher cost of capital add to sector-specific challenges. We expect overall spend on supply across oil and gas, power and renewables and metals and mining to increase by 5% to US$1.1 trillion in 2023.

What are the best energy stocks to invest in 2023? ›

Best energy stocks as of June 2023
Company and ticker symbolPerformance in 2023
EQT (EQT)2.8%
Coterra Energy (CTRA)-5.4%
Diamondback Energy (FANG)-7.0%
ExxonMobil (XOM)-7.4%
6 more rows
4 days ago

Will energy stocks continue to rise in 2023? ›

Don't Expect Energy Stock Price Returns of 2022 in 2023

For our rated oil and gas issuers, balance sheets and key credit metrics are the strongest they have been in years.” Indeed, very little money is going into exploration, which is at an all-time low.

Which sector will boom in 2023 usa? ›

Healthcare. If interest rates remain high and the U.S. economy moves into a recession this year as a result (as many experts are predicting), Akullian points to the healthcare sector as a contender for strong performance in 2023.

Is renewable energy growing in IEA? ›

The growth is set to continue next year with the world's total renewable electricity capacity rising to 4 500 gigawatts (GW), equal to the total power output of China and the United States combined, says the IEA's new Renewable Energy Market Update, which was published today.

What is the world primary energy supply by source IEA? ›

Total primary energy supply by region, 1971 and 2019

In 2019, renewables provided almost 27% of global electricity, three points more than natural gas (24%). The share of nuclear has plateaued around 10% for eight years, while oil provided less than 3% of global electricity in 2019.

What are the IEA emission factors? ›

What is the IEA Emission factors database? The IEA Emission factors database contains emission factors from electricity and electricity/heat generation of national grids, for a set of three different gases (CO2, CH4, N2O), for all countries globally, starting in 1971.

How many countries are in the IEA? ›

The IEA is made up of 31 member countries.

Who bought IEA? ›

MasTec Completes the Acquisition of Infrastructure and Energy Alternatives, Inc. MasTec, Inc. is a leading infrastructure construction company operating mainly throughout North America across a range of industries.

Is IEA a government agency? ›

The IEA is an autonomous inter-governmental organisation within the OECD framework, headed by its Executive Director.

What is the IEA climate change scenario? ›

The Net Zero Emissions by 2050 Scenario (NZE) is a normative IEA scenario that shows a pathway for the global energy sector to achieve net zero CO2 emissions by 2050, with advanced economies reaching net zero emissions in advance of others.

What is energy poverty IEA? ›

Energy poverty is lack of access to modern energy services.

What is the global final energy consumption IEA? ›

In 2019, world total electricity final consumption reached 22 848 TWh, up 1.7% from 2018. In 2019, OECD total electricity final consumption was 9 672 TWh, 1.1% lower than in 2018, while final electricity consumption in non-OECD countries was 13 176 TWh, an increase of 3.8% from 2018.

Is China a member of IEA? ›

In November 2015, China officially became an affiliate of the International Energy Agency. In February 2017, the IEA and China's National Energy Administration formally established the IEA China Cooperation Office in Beijing.

How many employees does IEA have? ›

Infrastructure & Energy Alternatives has 882 employees.

What is the IEA oil? ›

The IEA Oil Market Report (OMR) is one of the world's most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA ...

What is the most efficient energy sources? ›

Nuclear Has The Highest Capacity Factor

As you can see, nuclear energy has by far the highest capacity facto r of any other energy source.

What are three 3 benefits of energy efficiency? ›

Using energy more efficiently is one of the fastest, most cost-effective ways to save money, reduce greenhouse gas emissions, create jobs, and meet growing energy demand.

What are 3 benefits of energy efficiency? ›

Energy efficiency saves money, increases the resilience and reliability of the electric grid, and provides environmental, community, and health benefits.

How does IEA work? ›

Points are tracked for individual rider accomplishments AND for overall, team accomplishments. Individuals and teams earn points to qualify for regional, zone and national finals. Teams take turns hosting horse shows throughout the season. New teams are NOT required to host any shows.

How much did IEA sell for? ›

Unveiled in July, the deal valued IEA at USD 1.1 billion, including net debt. IEA provides engineering, procurement, construction and other related services to developers of infrastructure projects. To date, the company has finalised over 260 utility-scale wind and solar projects across North America.

Who is the head of public affairs at the IEA? ›

IEA appoints Matthew Lesh as new Director of Public Policy and Communications — Institute of Economic Affairs.

What is the outlook for renewable energy in 2025? ›

IEA: More than a third of the world's electricity will come from renewables in 2025.

What is the IEA outlook for biofuels? ›

Forecast summary. Global demand for biofuels is set to grow by 41 billion litres, or 28%, over 2021-2026 in the main case. The recovery to pre-Covid-19 demand levels accounts for one-fifth of this demand growth.

What is the IEA World energy Outlook for co2 emissions? ›

About this report. Global energy-related CO2 emissions grew by 0.9% or 321 Mt in 2022, reaching a new high of over 36.8 Gt. Following two years of exceptional oscillations in energy use and emissions, caused in part by the Covid-19 pandemic, last year's growth was much slower than 2021's rebound of more than 6%.

What is the new renewable energy technology in 2023? ›

Arguably, the most exciting energy trends in 2023 will be the growing integration of AI and Big Data in the energy industry and the development of green hydrogen energy. Big Data and AI can potentially revolutionize energy efficiency across the board.

Is renewable energy a good long term investment? ›

Clean energy stocks tend to be more stable than traditional stocks, but the market can still fluctuate. By paying attention to the market, you can help ensure that you're making wise investment choices. If you're looking for a more future-conscious way of investing, renewable energy stocks are a great option.

What is the new energy production in 2023? ›

Solar to dominate new U.S. electric-generating capacity in 2023, EIA says. Feb 6 (Reuters) - U.S. developers plan to add 54.5 gigawatts (GW) of new electric generating capacity in 2023, with more than half being powered by solar energy, the Energy Information Administration (EIA) said on Monday.

Who is the largest producer of biofuel in the world? ›

Biofuel production in the U.S.

The United States is by far the largest producer of biofuel in the world, accounting for nearly. The country is a major producer of biodiesel, with that year's production amounting to 1.64 billion gallons.

Can biofuels replace fossil fuels? ›

Potential economic benefits of biofuel production

Replacing fossil fuels with biofuels has the potential to generate a number of benefits. In contrast to fossil fuels, which are exhaustible resources, biofuels are produced from renewable feedstocks.

What will be the fastest growing source of energy to 2040? ›

Global prospects continue to improve for generation from renewable energy sources and natural gas, according to the IEO2017. Renewables are the fastest growing source of energy for electricity generation, with average increases of 2.8%/year to 2040.

What is the world's largest energy source in the future? ›

First up is solar. Solar is by far the most promising; it's the sector that everyone is desperately hoping, crossing their fingers, praying that technology continues to improve the most dramatically. Why? Because sunlight is by a long shot the most abundant power source on the planet.

Who will have the most electricity demand by 2030? ›

Electricity demand growth in India outpaces other regions to 2030, after which growth is most pronounced in Southeast Asia and Africa. China sees the largest absolute increase in demand, accounting for over 40% of the global growth to 2030.


1. Russia cut oil production 'but not as much as they say they have', says S&P Global's Daniel Yergin
(CNBC Television)
2. Recent IEA Analysis from the Energy Efficiency Market Report 2022
(Leonardo ENERGY)
3. Social Impacts of Clean Energy Policies
(International Energy Agency)
4. Coal likely to hit new record highs: International Energy Agency
(Yahoo Finance)
5. Renewables 2022 Public Webinar
(International Energy Agency)
6. IEA World Energy Outlook Special Report on Sustainable Recovery
(Center on Global Energy Policy)


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