In its annual report on energy investments, the Paris-based International Energy Agency estimated the plunge will be of the order of one-fifth from 2019 levels, or almost $400 billion.
Coronavirus rescue packages must back clean energy, says the International Energy Agency, which adds that battery and hydrogen technology could advance rapidly. The IEA also cites spectacular growth of wind and solar energy.
Natural gas accounts for 45 percent of the rise in energy consumption, helping drive record-high greenhouse gas emissions.
The world needs to replace three million barrels of oil per day of declines each year, the equivalent of the North Sea, to keep up with demand growth, International Energy Agency chief Fatih Birol says.
Paris-based International Energy Agency forecasts US becoming the world's biggest net exporter by the end of 2020s.
The improvements in energy efficiency were accomplished using existing policies which could be a drawback for the future of energy.
International Energy Agency (IEA) Executive Director Fatih Birol calls for increased regional stability at the Atlantic Council Istanbul Summit.
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