According to the International Energy Agency (IEA), global energy investment averaged US$1.8tr in 2017 (-2% year-on-year in real terms), of which about US$750m were dedicated to the power sector and US$715bn to global oil and gas activities. A significant share of global energy investments were state-backed (40% in 2017) as state-run companies have remained resilient in oil and gas and thermal power generation activities compared with private actors.
Combined global investments in renewable energy sources and energy efficiency dropped by 3% in 2017 and this trend is likely to continue in 2018. In particular, investment in renewable power generation (approximately 66% of the whole power generation spendings) fell by 7% in 2017. A significant driver behind this change is the recent solar PV policy upturn in China, which resulted in an investment slowdown. China currently represents more than 40% of the global solar PV investment and its policy changes have major global implications.
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