WASHINGTON – According to the International Energy Agency, “The coronavirus pandemic could cause the steepest decline in global energy investment in history.” The agency expects global energy investment to drop by one-fifth — or about $400 billion — compared with 2019, with global spending on oil potentially falling by $1 trillion this year. IEA Executive Director Fatih Birol called the investment drop "deeply troubling" in a statement, adding it could undermine "the much-needed transition to more resilient and sustainable energy systems."

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