On June 2, the International Energy Agency (IEA) released the 2021 global energy investment report (hereinafter referred to as the report), which predicted that as the economy recovers from the epidemic, global energy investment is expected to rebound nearly 10% this year, and the total investment will return to the pre crisis level.

According to the report, driven by strong investment in renewable energy, electricity will continue to occupy the largest share of total supply investment. But even so, it is far from enough to avoid the serious impact of climate change.

The report predicts that in 2021, global energy investment will increase to US $1.9 trillion, nearly 10% higher than that in 2020, reversing the sharp decline caused by the epidemic and bringing the total investment back to the level before the outbreak.

The improvement of investment prospects is due to the growth of energy demand caused by economic recovery. Global energy demand will grow by 4.6% this year, enough to offset the 4% decline in 2020. Although many energy companies are still in a fragile financial state, there are signs that developers are using the government's loose monetary policy and other support means to plan infrastructure construction and new project investment.

This view of economic recovery and investment growth is roughly the same as that of the OECD. The organization recently said that the increasingly bright global economic prospects will bring room for governments to shift their focus from flooding emergency support to more targeted measures. The group predicts that global output will grow 5.8% this year and 4.4% next year, with most economies returning to pre epidemic levels.

With the advancement of global low-carbon transformation, new energy will be the main body of power investment. According to the report, the total investment in new energy power generation in 2021 will reach US $530 billion, of which renewable energy accounts for 70%. Due to the rapid development of technology and the reduction of cost, the efficiency of wind power and photovoltaic power generation is about four times that of ten years ago.

Electrification is the main driving force of investment expenditure. Driven by the net zero emission target, automobile manufacturers continue to launch new models, and electric vehicle sales continue to surge.

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