Thread by @IEABirol

.@IEA’s World Energy Investment report shows global energy spending stabilised last year above $1.8 trillion, but also highlights a major mismatch emerging between international climate targets & where investments are actually going.

Here’s what we found…bit.ly/2HkpoMC

A worrying trend: combined investments in renewables, efficiency, nuclear, batteries & other low-carbon tech are stuck at around 1/3rd of global energy investments. If we want to reach our climate targets, this share needs to be 2/3rds. That’s a key message of our report. [2/7]

The shale industry is a powerful driving force in reshaping energy investment flows.

In 2016, it made up 13% of all upstream oil & gas investments worldwide. In 2018, that figure doubled to one-quarter of the total. [3/7]

Energy investments now face unprecedented uncertainties, with shifts in markets, policies & technologies.

This is one reason why in the oil & gas industry & in power generation, investors are focusing on projects that deliver more quickly. [4/7]

Decisions to invest in new coal plants fell to just over 20 GW in 2018, down from 100 GW in 2010. But the global coal power fleet continued to expand, particularly in developing Asian countries. [5/7]

To put it bluntly, government efforts to spur innovation for new technologies are falling short. Europe’s 2 top automakers spend more on R&D than the world’s combined government budgets for energy research.

Most countries aren’t boosting spending on RD&D as a share of GDP [6/7]

Whichever way you look, we are storing up risks for the future. Government leadership is critical to reduce them. [7/7]

Download the full report for free here 👉 bit.ly/2WDm9q8