Global investments in electricity have exceeded those made in oil and gas for the second consecutive year in 2017 due to higher spending on electric networks, although the renewable energy contributions have fallen after years of growth, the agency said International Energy (IEA, in the acronym in English) this Tuesday.
Global investment in energy totaled 1.8 trillion dollars last year, falling 2% in front of 2016. More than 750 billion dollars were docked only in the electric sector, while 716 billion went into the oil and gas segment.
The investments in the electric sector were pulled by investment in distribution, as the industry prepares for greater electrification, according to the annual report of IEA on investments in energy around the world.
Many countries need to invest more in modernization or in the implementation of new electric networks to balance variations in supply and demand caused by the growth of solar and wind generation and electric cars.
Despite the increasing production of clean energy, investment in energy efficiency and renewables fell 3% last year after several years of growth, which can be followed by a new fall this year, according to IEA.
China has decided to cut subsidies for new solar plants and restrict the number of projects, which generates a risk of slowdown in the contributions this year.
"Such a drop in global investment in renewables and combined energy efficiency is troubling," said IEA Executive director Fatih Birol.
At the same time, the investment in fossil fuels grew last year for the first time since 2014, due to a recovery of the strength of the oil and gas industry for incomes.
Investments in the nuclear sector fell to the lowest level in five years in 2017, as more power plants were stopped than new units built. Source: Earth.
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