Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Data: IEA; Chart: Sara Wise/Axios

A few days ago the International Energy Agency updated its analysis of the pandemic-fueled decline in investment.

Driving the news: IEA now sees global industry investment on the upstream (exploration and production) side falling by 35% this year, a slightly steeper drop than their prior analysis in May.

Why it matters: "This somewhat weaker outlook stems from cuts of around 45% by shale companies in the United States, which have experienced a surge of bankruptcies, layoffs and shut-ins, as well as a 50% jump in financing costs," IEA notes.

The big picture: Investment is falling across the energy industry, but some sectors are faring much better than others.

  • "Annual spending for renewable power is now seen down by only 3% compared to the prior year, supported by continued development of large projects with long lead times, such as offshore wind ... and hydropower," IEA said.

Go deeper

Amy Harder, author of Generate
Nov 23, 2020 - Energy & Environment
Column / Harder Line

Subsidizing and innovating away climate change

Illustration: Aïda Amer/Axios

Washington lawmakers may throw billions of taxpayer dollars at clean energy next year, prompting a rush of ideas about how to do it and how effective it can be at tackling climate change.

Driving the news: With the federal government’s political power likely divided, the biggest policies are likely to come through an economic recovery package in the form of subsidies and other spending.

Biden plans to ask public to wear masks for first 100 days in office

Joe Biden. Photo: Mark Makela/Gettu Images

President-elect Joe Biden told CNN on Thursday that he plans to ask the American public to wear face masks for the first 100 days of his presidency.

The big picture: Biden also stated he has asked NIAID director Anthony Fauci to stay on in his current role, serve as a chief medical adviser and be part of his COVID-19 response team when he takes office early next year.

What COVID-19 vaccine trials still need to do

Illustration: Sarah Grillo/Axios

COVID-19 vaccines are being developed at record speed, but some experts fear the accelerated regulatory process could interfere with ongoing research about the vaccines.

Why it matters: Even after the first COVID-19 vaccines are deployed, scientific questions will remain about how they are working and how to improve them.