Investment in the global energy sector fell from $2 trillion in 2014 to $1.8tn in 2015, according to figures from the International Energy Agency (IEA).

The IEA said that continued “robust” investment in renewables, electricity networks and energy efficiency was outweighed by a drop in oil and gas upstream spending.

Fatih Birol, IEA Executive Director, said: “We see a broad shift of spending toward cleaner energy, often as a result of government policies.
“But while some progress has been achieved, investors need clarity and certainty from policy makers.”

Renewables and energy storage

Renewable energy was the most popular form of investment, representing nearly one-fifth of the global total or $313 billion.

Spending on energy efficiency measures rose by 6% thanks to government policies, such as building regulations.

Grid-scale battery storage investment has expanded ten-fold since 2010, while technology innovations have boosted investment in smart grids.

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