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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

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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.

House passes sweeping election and anti-corruption bill

Photo: Win McNamee via Getty Images

The House voted 220-210Wednesday to pass Democrats' expansive election and anti-corruption bill.

Why it matters: Expanding voting access has been a top priority for Democrats for years, but the House passage of the For the People Act (H.R. 1) comes as states across the country consider legislation to rollback voting access in the aftermath of former President Trump's loss.

Updated 4 hours ago - Politics & Policy

House passes George Floyd Justice in Policing Act

Photo: Stephen Maturen via Getty Images

The House voted 220 to 212 on Wednesday evening to pass a policing bill named for George Floyd, the Black man whose death in Minneapolis last year led to nationwide protests against police brutality and racial injustice.

Why it matters: The legislation overhauls qualified immunity for police officers, bans chokeholds at the federal level, prohibits no-knock warrants in federal drug cases and outlaws racial profiling.