Global fossil fuel investment was about $790 billion in 2017

According to the IEA's 2018 World Energy Investment Report, released last week, total global energy investment fell 2% to $1.
8 trillion
in 2017.
Of this, fossil fuel investment was close to $790 billion, with modest growth
in upstream oil and gas offset by reduced coal supply and LNG spending.

Specifically, upstream investment grew 2% to US$450 billion in 2017 and will rise 5% to US$472 billion in nominal terms in 2018; Downstream investment rose 4 percent to $266 billion
.
However, investment in traditional oil and gas remains subdued, mainly in brownfield projects, and the share of new projects in new upstream investment is expected to fall to about one-third in 2018, the lowest level
in several years.

This year's report highlights the continued electrification of the energy sector, with $750 billion spent on power generation and only $715 billion
invested in global oil and gas supplies.
However, global investment in renewable energy and energy efficiency fell by 3% in 2017, and investment in renewable energy fell 7% to nearly $300 billion, but still accounts for two-thirds
of electricity generation spending.
According to the IEA, investment in renewable energy and energy efficiency is likely to decline
further in 2018.

Record spending on solar PV generation globally drove renewable energy investment, especially in China, which accounted for 45%
of solar PV investment in 2017.
Offshore wind has also reached record levels, with 4 gigawatts (GW) of investment also reaching record levels, mainly in Europe
.
However, the level of onshore wind investment fell by 15%, with major investment destinations including the United States, China, Europe and Brazil, which are all giants
in onshore wind investment.

Energy efficiency investments are relatively unaffected by the downward trend in energy investment, with a total of $236 billion
invested in energy efficiency in buildings, transportation and industry in 2017.
However, while the energy efficiency sector grew, it grew by only 3% in 2017, slowing
significantly.

"The global trend of renewable energy investment and energy efficiency is worrying," said
Fatih Birol, executive director of the IEA.
"This could threaten the expansion
of clean energy needed to meet energy security, climate and clean air goals.
" While we need this investment to increase rapidly, it is disappointing that it is likely to continue to decline
this year.
”

In addition to a decrease in investment in the combination of renewable energy and energy efficiency, the share of fossil fuels in investment data for energy supply rose in 2017 for the first time since 2014, with spending on oil and gas increasing
slightly.
However, final investment decisions for new coal plants fell for the second year in a row, reaching only one-third
of 2010 levels.
However, the global coal scale continued to expand in 2017, mainly due to the Asian market
.