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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.

Mike Allen, author of AM
2 hours ago - Politics & Policy

First look: Anita Dunn advises Dems on economy message for '22

Signs from a President Biden event yesterday in Kansas City, Mo. Photo: Chase Castor/Bloomberg via Getty Images

In a midterm preview, top Democratic strategist Anita Dunn advises the party's House and Senate members to frame Republicans "as being against the economic interests of working Americans."

What she's saying: "Explicitly framing Republicans as opposing policies to lower costs does better than simply framing Republicans as the 'party of no,'" Dunn, White House senior adviser until August, writes in the memo.

JPMorgan: "Full global recovery" in 2022

Photo: Erik McGregor/LightRocket via Getty Images

JPMorgan Chase Global Research says in a forecast to clients: "2022 will be the year of a full global recovery, an end of the global pandemic, and a return to normal conditions we had prior to the COVID-19 outbreak."

The big picture: The bullish report sees "a return of global mobility, and a release of pent-up demand from consumers (e.g. travel, services)."