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Cost of Capital Observatory
…divided into three sections:A Dashboard that provides free data on the cost of capital for energy projects in emerging and developing economies, updated with 2023 and 2024 data in July and September 2025.A section with Tools and Analysis to help governments understand and quantify the main underlying risks perceived by investors and financiers in each country.Case Studies with lessons learnt of how policymakers, together with the private sector, development finance institutions and other entities managed to mitigate risks and mobilise capital for clean energy sectors across the emerging and developing world.We hope these resources will help…
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World Energy Investment 2025
…World Energy Investment report, marks the 10th edition of this flagship analysis and provides a full update on the investment picture in 2024 and an initial reading of the emerging picture for 2025.The report provides a global benchmark for tracking capital flows in the energy sector and examines how investors are assessing risks and opportunities across all areas of fuel and electricity supply, critical minerals, efficiency, research and development and energy finance.The report highlights several key aspects of the current investment landscape in the context of recent policy and macroeconomic developments and a heightened focus on energy security…
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China’s Official Energy Finance in Emerging and Developing Economies
…linked to uneven availability of concessional or long-tenor finance.This report maps and analyses these changes through an energy sector-level dataset covering 2015 to 2024. It explores how China’s evolving financing model is reshaping instruments, institutions and regional allocation patterns, and also considers the strategic and practical implications for EMDE energy transitions.The analysis is complemented by case studies covering a range of technologies and financial structures – from large-scale renewables and electricity distribution to green industrial projects, waste-to-energy and upstream developments – which show how China’s official actors operate in practice across contrasting markets…
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World Energy Investment 2026
World Energy Investment is the global benchmark for tracking investment trends across the energy sector. The report will present the latest data on capital flows to different types of energy projects, as well as the first set of full-year estimates for 2026.As energy security concerns continue to shape investment priorities, this year’s report will explore the potential implications for different sectors and regions, particularly in light of the ongoing energy crisis stemming from the conflict in the Middle East.The 2026 edition will highlight major investment milestones and opportunities from different energy sectors and regions. It also includes…
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The State of Energy Innovation 2026
The second edition of The State of Energy Innovation turns the spotlight on the technologies, policies and funders at the forefront of energy technology development. It provides a comprehensive assessment of recent progress and emerging challenges in energy technology innovation, drawing on over 150 innovation highlights from 2025 and a survey of practitioners across more than 40 countries. It analyses trends in public and corporate R&D spending, venture capital flows, patenting and policy, as well as providing an update on progress towards the 18 IEA Races to First in energy innovation. This data-driven approach informs policy makers, industry…
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Asset values
…the capital cost, while the tenant is the one benefiting from lower energy bills. This is often known as a “split incentive.” However, evidence from the United States suggests that energy efficiency improvements are associated with reduced vacancy and tenant turnover, which reduces associated transaction costs and provide an incentive for landlords to invest. Need more information? Eichholtz, P. (2024), The Impact of Minimum Energy Performance Standards on the Commercial Real Estate Market.Zitouny, S. (2024), On the capitalization of energy labels on the French housing market.Amaral, F. et al., (2024), Green Signals: Energy Efficiency and German Housing Markets…
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The State of Energy Innovation 2025
…milestones. It identifies areas where new approaches to policy support are being developed to use public funds more effectively, but also highlights areas where more efforts are needed to address barriers to scale-up and attract private capital. The report includes focus chapters on three dynamic fields, namely diversification of battery mineral supplies, application of artificial intelligence to energy innovation, and development of carbon dioxide removal technologies. The analysis provides a data-driven foundation to inform policy makers, industry and other stakeholders on the state of energy innovation worldwide and the importance of sustaining innovation momentum over the long term.
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Financing CCUS at Scale
…effective risk allocation across the value chain.In this context, Financing CCUS at Scale is the IEA’s latest report on what it takes to move CCUS projects from the drawing board to operation. Building on expert interviews with leading financial institutions, the report investigates the distinctive economic and financial characteristics of CCUS projects, the impact of business models on commercial viability, and how CCUS projects have been financed to date. Based on these insights, the report provides targeted recommendations for policymakers on how to design policy, regulatory and financial frameworks that can more effectively crowd in private capital.The…
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Multiple Benefits of Energy Efficiency for Business
Energy efficiency is often described as the “first fuel” because the cheapest and most secure energy is the energy that is not used. For businesses, this begins with a straightforward benefit: lower energy bills. In many cases, efficiency investments can pay back quickly through reduced energy costs alone. However, the value of energy efficiency extends beyond energy savings.This report builds on the IEA’s work on the multiple benefits of energy efficiency and focusses on how these gains materialise in businesses. Key benefits range from productivity and product quality improvements to brand image or health benefits for employees and…
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Gaining an Edge
…creation, energy efficiency helps firms compete amid high costs, growing demand, and rising trade pressures. In today’s global context, energy efficiency is not only a matter of energy policy, but also of economic policy.The report analyses historical progress in industrial energy efficiency and its role in enhancing industrial competitiveness. It includes comparisons of firm-level energy efficiency, identifying performance gaps and opportunities for further improvement. Drawing on a new IEA survey of 1 000 firms across 14 countries, it provides insights into industry perspectives. The report also highlights emerging opportunities in energy efficiency markets and offers recommendations for policymakers…
