JPMorgan: Global energy investment will still expand until 2030

Recently, JPMorgan Chase, a multinational financial services institution, said that in order to avoid global energy supply and demand shortages, by 2030, the world should increase investment by 1.3 trillion US dollars to expand the production of various energy sources.

According to JPMorgan, as emerging economies develop, global energy demand will grow by more than 20% of supply by 2030. Therefore, not only investment in renewable energy and nuclear energy is required, but also in oil and gas expansion. The oil needed to produce petrochemicals cannot be replaced by solar power, according to JPMorgan. All existing energy sources, including fossil fuels, and their shortcomings must be addressed before renewable, reliable, clean and cheap energy technologies become commonplace.

JPMorgan Chase also predicts that energy expenditure as a percentage of GDP will rise from an average annual growth rate of 8.4% in 2015-2019 to 9.5% in 2022.