$38tn global energy investment: IEA
International Energy Agency estimates global energy spend to 2035
The International Energy Agency has said that global investment required to meet projected energy demand to 2035 will need to be in the region of $38 trillion.
In an interview with Bloomberg, Fatih Birol, chief economist to the adviser, said: “If the investment doesn’t come through in the MENA region, this will have major implications on international oil prices,” adding that MENA countries will account for 90 per cent of crude production growth in the next 10 years.
The IAE has also estimated that $16.9 trillion will need to be spent on power generation infrastructure to 2035, compared with $10 trillion on oil, $9.5 trillion on natural gas, $1.1 trillion on coal and $200 billion on biofuels.