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.

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Illustration: Sarah Grillo/Axios

Joe Biden is making it increasingly clear that he'll push for a large increase in energy research, development and demonstration funding if he wins the White House.

Driving the news: The economic proposals Biden unveiled yesterday include $300 billion over four years for investments in R&D and "breakthrough" tech — and one of the focus areas is energy.

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Photo illustration: Sarah Grillo/Axios. Photo: Bastiaan Slabbers/NurPhoto, and Bastiaan Slabbers/NurPhoto via Getty Images

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Robert Mueller speaks out on Roger Stone commutation

Former Special Counsel Robert Mueller testifies before the House Permanent Select Committee on Intelligence on Capitol Hill on Wednesday July 24, 2019. Photo: The Washington Post / Contributor

Former special counsel Robert Mueller responded to claims from President Trump and his allies that Roger Stone was a "victim" in the Justice Department's investigation into Russian interference in the 2016 election, writing in a Washington Post op-ed published Saturday: "He remains a convicted felon, and rightly so."

Why it matters: The rare public comments by Mueller come on the heels of President Trump's move to commute the sentence of his longtime associate, who was sentenced in February to 40 months in prison for crimes stemming from the Russia investigation. The controversial decision brought an abrupt end to the possibility of Stone spending time behind bars.