IEA: Global Energy Investment to Reach $2.4 Trillion in 2022

On the 22nd, the 2022 Global Energy Investment Report released by the International Energy Agency predicts that global energy investment will increase by 8% in 2022, reaching 2.4 trillion US dollars, and the growth will mainly come from investment in clean energy.

The report said the fastest growth in energy investment was in the power sector - mostly renewables and grids, as well as investment in energy efficiency. However, growth in clean energy spending has not been evenly distributed, with much of it occurring in advanced economies and China. In some markets, energy security concerns and high prices are prompting increased investment in fossil fuel supplies, especially coal.

According to the report, from 2015 to 2020, global clean energy investment grew by only 2% per year, but since 2020, global clean energy investment has grown by 12% per year. Among them, the EU's investment in clean energy in 2021 is 260 billion US dollars, and the United States is 215 billion US dollars.

The IEA noted that spending on some emerging energy technologies is growing rapidly, particularly batteries, low-carbon hydrogen, and carbon capture utilization and storage. Investment in battery storage is expected to more than double to nearly $20 billion in 2022.

High fossil fuel prices are causing pain in many economies, but also an unprecedented windfall for oil and gas producers, the International Energy Agency said. Global oil and gas industry revenues will jump to $4 trillion in 2022, more than double the five-year average, with much of that going to major oil and gas exporters.