IEA Forecasts a $3.4 Trillion Energy Investment Boom

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The International Energy Agency forecasts a $3.4 trillion global energy investment boom this year, driven by efforts to address the ongoing energy crisis. Major spending will target electricity infrastructure including grids, storage, and renewable energy, alongside significant investments in oil, gas, and coal.

Global energy investment is set to jump to $3.4 trillion this year, the International Energy Agency said today, noting that the rise will be driven by countries’ efforts to address the second energy crisis in less than five years. Of the global total, $2.2 trillion is expected to be spent on electricity, including grids, storage, nuclear, wind, solar, and efficiency, the agency said, with the balance of $1.2 trillion to be poured into oil and gas, as well as coal. Interestingly, the IEA sees crude oil investment specifically declining…