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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

Miriam Kramer, author of Space
Jan 26, 2021 - Science

Investment in the space industry overcame the pandemic's headwinds in 2020

A SpaceX launch in 2020. Photo: SpaceX

Investment in the space industry continued to grow in the last quarter of 2020, despite the coronavirus pandemic, according to a new report from Space Capital.

Why it matters: The space industry turned out to be far more robust in the face of the pandemic than many experts were initially expecting.

Ben Geman, author of Generate
Jan 26, 2021 - Energy & Environment

New report pushes UN to rethink electricity goals in developing nations

Illustration: Eniola Odetunde/Axios

It's time for the world's biggest multilateral development agencies to radically reframe their goals around expanding electricity access, a new proposal argues.

Why it matters: The nonprofit Energy for Growth Hub says the UN's current sustainable development goals (SDGs) around power access are too modest and focus too narrowly on residential use.

Bankruptcy filings hit decade-high last year

Data: S&P Global Market Intelligence; Chart: Danielle Alberti/Axios

Bankruptcy filings hit a decade-high last year — though, by one measure, they eclipsed the financial crisis high.

The big picture: 7% of companies that filed for bankruptcy had over $1 billion in liabilities, the highest share in at least 10 years, according to S&P Global Market Intelligence.