Coronavirus: Energy Investment Flatlines

The  International Energy Agency stated in its annual World Energy Investment report released yesterday that the unparalleled decline in worldwide energy investment had been “staggering in both its scale and swiftness.” Investment in global energy is expected fall by $400bn this year, the biggest drop in the industry’s history

As CNBC reported, the IEA “warned the economic impact of the public health crisis could have “serious” implications for energy security and clean energy transitions.”

The crisis has brought lower emissions but for all the wrong reasons,” Fatih Birol, executive director at the IEA, said in a statement.

Why This Matters: At the beginning of 2020 global energy investment was on track for a 2% increase, its biggest growth in six years. Now the outlook is grim and means a loss of clean energy jobs as well as a slowdown of the transition to a low-carbon economy. Though investment in renewable energy is faring better than fossil fuels, it’s not a sign that the industry will come out unscathed. However, federal stimulus dollars to modernize our grid and invest in renewable could go a long way in lessening the blow.

Go Deeper: As the Guardian explained, “investment in renewable energy has proved to be more resilient than fossil fuels. However, the IEA said that in the first quarter the number of wind and solar projects given the financial go-ahead fell to a three-year low. Spending on rooftop solar panels by homes and businesses has been strongly affected, it said.”

Send a Signal: Color-coded bracelets to express your social distancing preferences? They’re a thing!

Mental Health: From the Wahington Post, a third of Americans show signs of clinical anxiety or depression amid pandemic, Census Bureau finds.

LA Eases Up: Los Angeles, which has an early and swift lockdown will allow all retail businesses to reopen if they follow proper precautions.

Out of the Woods?: Probably not.  Dr. Ashish Jha, director of the Harvard Global Health Institute and professor of health policy at the Harvard T.H. Chan School of Public Health told NPR that “we’re early in this outbreak. We’re not anywhere near done.”

 

 

 

 

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