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This report was prepared by the investment team in the Energy Supply and Investment Outlook (ESIO) Division of the Directorate of Sustainability, Technology and Outlooks (STO). The report was designed and directed by Michael Waldron (lead on energy financing and funding). The principal authors and contributors were Lucila Arboleya (lead on power sector; emerging economies); Simon Bennett (lead on end use and efficiency, and R&D and technology innovation); Pablo Gonzalez (power generation, networks & storage); Tim Gould (lead on fuel supply); Yoko Nobuoka (fuel supply, financing and funding); Pawel Olejarnik (modelling and data across sectors); Ryszard Pospiech (modelling and data across sectors, ownership); Rebecca Schulz (fuel supply, financing and funding). Tim Gould, Head of Energy Supply and Investment Outlook Division, provided valuable guidance and led on the overview. Eleni Tsoukala provided essential support.

The report benefited greatly from contributions from other experts within the IEA: Alessandro Blasi provided valuable advice and support throughout the project, as did Carlos Fernandez Alvarez (coal), Carla Benauges (power, financing), Ian Hamilton (buildings efficiency), Tae-Yoon Kim (refining and petrochemicals), Jean-Baptiste Le Marois (R&D and innovation), Leonardo Paoli (EVs), Apostolos Petropoulos (SUVs), Alison Pridmore (transport, efficiency), Giulia Ragosa (ESCOs) and Peter Zeniewski (LNG). 

The report is indebted to the high calibre of advice, data and support provided by other colleagues in the ESIO Division (Christophe McGlade); the Energy Data Centre (Roberta Quadrelli, Domenico Lattanzio); the Energy Demand Outlook Division (Laura Cozzi, Brent Wanner, Yasmine Arsalane, Davide D’Ambrosio, Timothy Goodson, Andreas Schroeder); the Energy Efficiency Division (Brian Motherway, Kevin Lane, Yannick Monschauer, Hugo Salamanca); the Energy Environment Division (Samantha McCulloch); the Energy Technology Policy Division (Timur Gül, Araceli Fernandez Pales, Thibault Abergel, José Miguel Bermudez Menedez, Marine Gorner); and the Renewable Energy Division (Paolo Frankl, Heymi Bahar, Yasmina Abdelilah, Piotr Bojek, Hideki Kamitatara, Pharoah Le Feuvre, Grecia Rodriguez).

The report also benefited from valuable inputs, comments and feedback from other experts within the IEA and the OECD, including Mechthild Wörsdörfer (Director of Sustainability, Technology and Outlooks), Keisuke Sadamori (Director of Energy Markets and Security), Laszlo Varro (Chief Economist), Ali Al-Saffar, Neil Atkinson, Sylvia Beyer, Toril Bosoni, Chiara Delmastro, Jean Baptiste Dubreuil, Peter Fraser, Astha Gupta, Edwin Haesen, Tomasz Kozluk, Simone Landolina, Rui Luo, Jad Mouawad, Alan Searl, Masatoshi Sugiura, and Tomoko Uesawa.

Thanks also to Jad Mouawad, Jon Custer, Astrid Dumond, Merve Erdem, Chris Gully, Katie Lazaro, Jethro Mullen, Isabelle Nonain-Semelin, Julie Puech, Rob Stone and Therese Walsh of the Communications and Digital Office. Erin Crum edited the manuscript.

We would like to thank the following organisations that gave their time to answer questions on different parts of the energy investment value chain: Apicorp, Baker Hughes, BNP Asset Management, DBS Bank, DWS Group, Engie, Eni, Euroheat, GE, Goldman Sachs, Hess Corporation, HSBC, IMF, Meridiam, Mirova, Modec, Morgan Stanley, Nomadia Energy, Ørsted, Schlumberger, Sembcorp, Shell, SPV Market Research, TOTAL.


  • Nadia Ameli (UCL Institute for Sustainable Resources)
  • Manuel Baritaud (European Investment Bank)
  • Leila Benali (Apicorp)
  • Kamel Bennaceur (Nomadia Energy)
  • Louis Brasington (Group)
  • Mick Buffier (Glencore)
  • Kanika Chawla (Council on Energy, Environment and Water)
  • Zuzana Dobrotkova (World Bank)
  • Jennie Dodson (UK International Energy Innovation Strategy, BEIS)
  • Charles Donovan (Imperial College)
  • Bärbel Epp (Solrico)
  • Charles Esser (Council of European Energy Regulators)
  • Nathan Frisbee (Schlumberger)
  • Benjamin Guin (Bank of England)
  • Katarina Kristiansen (Danish District Heating Association)
  • Francisco Laveron (Iberdrola)
  • Alexandre Liebermann (Total)
  • Akito Matsumoto (International Monetary Fund)
  • Antonio Merino Garcia (Repsol)
  • Vincent Minier (Schneider Electric)
  • Steve Nadel (The American Council for an Energy-Efficient Economy)
  • Janvier Nkurunziza (United Nations Conference on Trade and Development (UNCTAD))
  • Andrea Pescatori (International Monetary Fund)
  • Davide Puglielli (Enel)
  • Olivier Racle (Engie)
  • Sanjoy Rajan (European Investment Bank)
  • Filip Schittecatte (ExxonMobil)
  • Karl Schoensteiner (Siemens)
  • Marco Stella (TFS Green)
  • Ottavia Stella (ENI)
  • Ulrik Straedbaek (Ørsted)
  • Michael Taylor  (IRENA)
  • Wim Thomas (Shell)
  • Julien Touati  (Meridiam)
  • Paul Voss (Euroheat & Power)
  • Andrew Walker (Cheniere)
  • Yali Wang (International Institute of Green Finance)
  • Graham Weale (Ruhr University Bochum)
  • Paul Welford (Hess Corporation)
  • Kelvin Wong (DBS Bank)
  • Akira Yabumoto (J-Power)
  • Shinichi Yasuda (Development Bank of Japan)
  • William Zimmern (BP)