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IEA
© OECD/IEA 2017
World Energy Investment 2017
Dr. Fatih Birol
Executive Director
11 July 2017
0
250
500
750
1 000
USD(2016)billion
Global energy investment fell 12% in 2016, a second consecutive year of decline
Total energy investment was $1.7 trillion in 2016. Electricity sector investment overtook oil and gas for
the first time, while energy efficiency was the biggest growth sector.
Global energy investment 2016
-25%-1%
+9%
Networks
Renewable
Thermal
Oil & gas
Coal
Electricity Oil, gas & coal
Renewables in
transport and heat
Energy efficiency
-25%
China remains the first destination of energy investment in 2016
China represented 21% of global energy investment, supported by electricity supply and networks;
despite a sharp decline in oil and gas, the US total share rose significantly.
Energy investment in selected markets, 2016
0 50 100 150 200 250 300 350 400
Southeast Asia
Russia
India
Europe
United States
China
USD (2016) billion
0
20
40
60
80
Europe China United States Rest of Asia
USD(2016)billion
Europe leads efficiency spending but China is set to overtake it by 2018
Policy continues to underpin efficiency spending, especially in buildings insulation, heating systems and
home appliances. Much of the growth in transport efficiency spending is in electric vehicles.
Global energy efficiency investment, 2016
-20%
0%
20%
40%
60%
A two-speed world oil market
After two years of unprecedented decline, global upstream investment is expected to stabilize in 2017,
but downside risks remain
Change in Upstream investment, 2017 vs 2016
-9% -4%
+4%
+6%
+53%
Africa Latin America Middle East Russia US Shale
Oil and gas projects moving to shorter timelines and smaller sizes
A shift in company strategies and technology developments leads to shorter project cycles across all
the oil and gas industry
Average size of conventional resources sanctioned and time-to-market
Deepwater
offshore
Other
offshore
Onshore
Global
Average
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
0 100 200 300 400 500 600 700
Timetomarket(years)
Average size of resources (Million barrels)
2010-2014
2016-2017
A wave of coal power investment is coming to a pause
In 2016, FIDs for coal power fell to the lowest level in nearly 15 years, hampered by competition from
renewables and environmental challenges. Gas power FIDs exceeded those for coal by over 1.5 times.
Average annual final investment decisions (FIDs) for new coal-fired power capacity
0
20
40
60
80
100
120
140
2006-10 2011-15 2016
GW
China
India
Southeast Asia
Rest of world
Investment in clean power is not keeping pace with demand
Only two-thirds of power demand growth is met by FIDs for clean power, which has remained stable the
past 5 years. Despite the success of solar PV and wind, other sources are needed to fill the gap.
Expected annual power generation from final investment decisions (FIDs)
0
100
200
300
400
2012-13 2014-15 2016
TWh
Nuclear Hydropower & other renewables Wind Solar PV
We've tracked a steady $37 billion/year of clean energy and electricity networks R&D spending, with
room for growth from the private sector. As a share of GDP, China now spends most on energy R&D.
Global clean energy R&D funding needs a strong boost
Global R&D spending
on clean energy and electricity networks
Top 3 IT company R&D spenders
0
10
20
30
40
2012 2015
USD(2016)billion
Private Public
Conclusions
o Investment fell by 12% in 2016, a second consecutive year of decline, and electricity sector investment
overtook oil, gas and coal investments combined
o An upswing of US shale investment is creating a two-speed oil market and triggering a rapid
transformation of the oil and gas industry
o Despite a decline in coal power investment, China remained the top destination for energy investment due
to robust renewables, electricity networks and energy efficiency spending
o The clean energy transition needs more R&D but energy R&D expenditures are stable; there is a lot of
scope for increased spending on energy innovation by governments and, in particular, the private sector
o Investment decisions today will leave their mark on energy on energy infrastructure for decades to come;
the IEA will continue to focus on investment as a cornerstone of a secure and sustainable energy system
World Energy Investment 2017

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World Energy Investment 2017

  • 1. IEA © OECD/IEA 2017 World Energy Investment 2017 Dr. Fatih Birol Executive Director 11 July 2017
  • 2. 0 250 500 750 1 000 USD(2016)billion Global energy investment fell 12% in 2016, a second consecutive year of decline Total energy investment was $1.7 trillion in 2016. Electricity sector investment overtook oil and gas for the first time, while energy efficiency was the biggest growth sector. Global energy investment 2016 -25%-1% +9% Networks Renewable Thermal Oil & gas Coal Electricity Oil, gas & coal Renewables in transport and heat Energy efficiency -25%
  • 3. China remains the first destination of energy investment in 2016 China represented 21% of global energy investment, supported by electricity supply and networks; despite a sharp decline in oil and gas, the US total share rose significantly. Energy investment in selected markets, 2016 0 50 100 150 200 250 300 350 400 Southeast Asia Russia India Europe United States China USD (2016) billion
  • 4. 0 20 40 60 80 Europe China United States Rest of Asia USD(2016)billion Europe leads efficiency spending but China is set to overtake it by 2018 Policy continues to underpin efficiency spending, especially in buildings insulation, heating systems and home appliances. Much of the growth in transport efficiency spending is in electric vehicles. Global energy efficiency investment, 2016
  • 5. -20% 0% 20% 40% 60% A two-speed world oil market After two years of unprecedented decline, global upstream investment is expected to stabilize in 2017, but downside risks remain Change in Upstream investment, 2017 vs 2016 -9% -4% +4% +6% +53% Africa Latin America Middle East Russia US Shale
  • 6. Oil and gas projects moving to shorter timelines and smaller sizes A shift in company strategies and technology developments leads to shorter project cycles across all the oil and gas industry Average size of conventional resources sanctioned and time-to-market Deepwater offshore Other offshore Onshore Global Average 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 0 100 200 300 400 500 600 700 Timetomarket(years) Average size of resources (Million barrels) 2010-2014 2016-2017
  • 7. A wave of coal power investment is coming to a pause In 2016, FIDs for coal power fell to the lowest level in nearly 15 years, hampered by competition from renewables and environmental challenges. Gas power FIDs exceeded those for coal by over 1.5 times. Average annual final investment decisions (FIDs) for new coal-fired power capacity 0 20 40 60 80 100 120 140 2006-10 2011-15 2016 GW China India Southeast Asia Rest of world
  • 8. Investment in clean power is not keeping pace with demand Only two-thirds of power demand growth is met by FIDs for clean power, which has remained stable the past 5 years. Despite the success of solar PV and wind, other sources are needed to fill the gap. Expected annual power generation from final investment decisions (FIDs) 0 100 200 300 400 2012-13 2014-15 2016 TWh Nuclear Hydropower & other renewables Wind Solar PV
  • 9. We've tracked a steady $37 billion/year of clean energy and electricity networks R&D spending, with room for growth from the private sector. As a share of GDP, China now spends most on energy R&D. Global clean energy R&D funding needs a strong boost Global R&D spending on clean energy and electricity networks Top 3 IT company R&D spenders 0 10 20 30 40 2012 2015 USD(2016)billion Private Public
  • 10. Conclusions o Investment fell by 12% in 2016, a second consecutive year of decline, and electricity sector investment overtook oil, gas and coal investments combined o An upswing of US shale investment is creating a two-speed oil market and triggering a rapid transformation of the oil and gas industry o Despite a decline in coal power investment, China remained the top destination for energy investment due to robust renewables, electricity networks and energy efficiency spending o The clean energy transition needs more R&D but energy R&D expenditures are stable; there is a lot of scope for increased spending on energy innovation by governments and, in particular, the private sector o Investment decisions today will leave their mark on energy on energy infrastructure for decades to come; the IEA will continue to focus on investment as a cornerstone of a secure and sustainable energy system