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Reproduced from IEA; Chart: Axios Visuals

The coronavirus pandemic is causing the "largest decline in energy investment on record," with capital spending worldwide slated to fall by roughly $400 billion this year, the International Energy Agency said in a new report.

The state of play: The roughly 20% aggregate decline is affecting the oil industry, renewables and other power sectors, and energy efficiency-related investments, though IEA sees renewables proving more "resilient" than other fuels.

Why it matters: IEA executive director Fatih Birol, in a statement alongside the new estimates, called the data "deeply troubling," citing lost jobs and economic opportunity.

The big picture: The pandemic is slowing investment due to restrictions on movement of people and goods, supply chain problems and more.

  • The oil-and-gas sector is taking the biggest hit due to the collapse in prices in demand.
  • The chart above shows the forecast drops in the exploration and production side of the business. And the shale sector specifically is slated to see a 50% cut.

What they found: The report estimates that the electric power sector will see a 10% drop in year-over-year investment.

  • Elsewhere, "sharp reductions to auto sales and construction and industrial activity are set to stall progress in improving energy efficiency."

Threat level: "The slowdown in spending on key clean energy technologies also risks undermining the much-needed transition to more resilient and sustainable energy systems," said Birol, who also tweeted about the overall findings.

Go deeper:

Go deeper

Amy Harder, author of Generate
Sep 3, 2020 - Energy & Environment

Natural gas remains the big question in Biden’s climate change plan

Illustration: Sarah Grillo/Axios

Joe Biden has the most aggressive climate-change plan in presidential-election history, but he continues to evade the dicey topic of natural gas.

Why it matters: Natural gas, mostly derived from the controversial extraction process called fracking, is filling an increasingly large role in America’s energy system. It’s cleaner than oil and coal, but is still a fossil fuel with heat-trapping emissions.

Updated 1 hour ago - World

Oxford University says its coronavirus vaccine is up to 90% effective

A scientist working during at the Oxford Vaccine Group's laboratory facility at the Churchill Hospital in Oxford, England, in June. Photo: Steve Parsons/Pool/AFP via Getty Images

The University of Oxford announced Monday a COVID-19 vaccine it's developed with AstraZeneca is 70.4% effective in preventing people from developing symptoms, per interim data from its Phase III trials.

Of note: The findings come from combining the results of two different dosing regimes. The findings show that when two full doses were given to volunteers at least a month apart, the efficacy was 62%. This rose to 90% among those given half a dose, followed by a full one, the university noted in a statement.

2 hours ago - World

Israeli PM flew to Saudi Arabia for meeting with Pompeo and crown prince

Secretary of State Mike Pompeo, Israeli Prime Minister Benjamin Netanyahu, and Bahrain's Foreign Minister Abdullatif at a press conference on Nov. 18. Photo: Menahem Kahana/POOL/AFP via Getty Images

Israeli Prime Minister Benjamin Netanyahu traveled in secret Sunday to the city of Neom on Saudi Arabia's Red Sea coast for a meeting with Crown Prince Mohammed Bin Salman and Secretary of State Mike Pompeo, Israeli sources tell me.

Why it matters: Israel and Saudi Arabia had a secret relationship for many years, but this is the first time such a high level meeting has been reported — even though neither side confirmed it officially.