Electricity investments now exceed oil and gas combined

According to IEA's freshly published World Energy Outlook, massive investments in the electricity sector need to take place in coming years in order to keep pace with demand.

Total investments in the global electricity sector already currently overshadow investments in gas and oil combined, and electricity will also come to comprise a growing portion of total energy consumption over the next 25 years. But it will require massive investments for upgrading antiquated infrastructure and establishing new energy systems in which electricity is increasingly sourced from renewables such as wind and solar power, concludes IEA in its report World Energy Outlook 2018 published Tueday.

At present, electricity comprises 19 percent of total global power consumption, and that proportion will increase by 24 percent up to 2040 in line with demand for electrons surpasses all other other forms of energy. According to the analysis, electrification will still be far from complete in 2040, when 40 percent of the global energy mix will consist of renewables capacity against the current level of 25 percent.

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