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IEA warns fall in global energy investment may lead to shortages
MELBOURNE - An almost 20 per cent fall in global energy investment over the past three years could lead to oil and electricity shortages, and there are concerns about whether current business models will encourage sufficient levels of spending in the future, according a new report.
The International Energy Agency’s second annual IEA benchmark analysis of energy investment found that while the world spent $US1.7 trillion ($2.2 trillion) on fossil-fuel exploration, new power plants and upgrades to electricity grids last year, global energy investment was down 12 per cent from a year earlier and 17 per cent lower than 2014.
While the…
