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The State of Energy Innovation 2026 Executive summary
…geothermal development – a long-term project with high risks that is now starting to translate into major investments – governments funded nearly all the initial work from the 1970s to the 2010s.Cost-benefit evaluations typically show that the economic benefits of public energy R&D are far greater – even a hundredfold larger – than their costs. The most complete retrospective evaluations of this kind followed several multi-decade US programmes up to 2015. These programmes generated benefits to the US economy at least three times greater than their costs, including fuel expenditure savings, lower prices for energy equipment and higher s...
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Global Energy and Climate Model Understanding GEC Model scenarios
Overview The IEA’s medium- to long-term outlook publications – including the World Energy Outlook (WEO) and Energy Technology Perspectives (ETP) – use a scenario approach relying on the Global Energy and Climate (GEC) Model to examine future energy trends.Each scenario has the same starting point and is based on the latest data for energy supply and demand, markets, technology costs and policies, as well as the same pathways for future population and economic growth.The energy system described and explored in each scenario evolves in a distinctive pathway that delivers energy services with a different mix of technologies and…
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Energy Efficiency Policy Toolkit Energy Efficiency Policy Toolkit: Case studies
The following case studies demonstrate how different countries have successfully implemented energy efficiency policies across various sectors. These real-world examples are designed to support policymakers by offering practical insights into what works, under which conditions, and why.Each case study highlights specific policy instruments—such as regulations, information campaigns, or financial incentives—and shows how they have been applied in different contexts. They provide evidence on the outcomes achieved, lessons learned, and the challenges encountered during implementation. Readers are encouraged to explore the case studies by sector, policy type, or geographic region using the filters provided. Case studies bridge…
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The Implications of Oil and Gas Field Decline Rates Executive summary
Discussions on the future of oil and gas often overemphasise demand drivers and underappreciate supply drivers Debate over the future of oil and natural gas tends to focus on the outlook for demand, with much less consideration given to how the supply picture could develop. This asymmetry is misplaced and a thorough understanding of the rate at which production from existing oil and gas fields declines over time is more important than ever. The International Energy Agency (IEA) has long examined this issue. Decline rates – the annual rate at which production declines from an existing oil or gas field – underpin…
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Electricity 2026 Prices
Affordability and competitiveness take centre stage Average wholesale electricity prices in 2025 rose year-on-year in multiple regions and countries, including Europe and the United States, while others such as India and Australia saw lower prices compared to 2024. Looking at electricity prices for energy-intensive industries, significant variations across regions remain. EU electricity prices for energy‑intensive industries stayed elevated in 2025, again averaging over twice US levels and nearly 50% above those in China, similar to 2024, adding competitive pressure.At the same time, negative wholesale electricity prices became more common across many markets. Exceptions include the Nordic region…
- Executive summary
- Demand
- Supply
- Grids
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Global Hydrogen Review 2026 Cost acceptability
Analysis of the costs of hydrogen in different end-uses enables identification of the maximum acceptable costs for hydrogen users, i.e. the maximum amount that can be spent on the hydrogen feedstock within a low-emissions pathway while maintaining the same total levelised cost of production as the incumbent pathway to produce the same commodity.This can enable policy makers and investors to identify sectors with both high maximum acceptable hydrogen costs and high potential volumes that can serve as lead markets for low-emissions hydrogen. Cost acceptability can be influenced by policies and depends on technologies, fuels and…
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China’s Official Energy Finance in Emerging and Developing Economies Case 5. Silk Road fund commitment in African Infrastructure Investment Fund IV
…related financing projects include the NOA Group, a renewable energy platform in South Africa focused on renewable generation and storage; the N+One Data Centers in Morocco and Senegal, which are expanding digital infrastructure in lower-carbon electricity and greater renewable energy sourcing; and the acquisition of the Logistics Group (TLG), which operates rail and port assets and is working to cut corridor emissions through improved operational efficiency.Through its participation, the SRF gains exposure to a diversified portfolio of sustainable assets across multiple African markets rather than through single-asset project finance. It has also appointed a representative to…
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World Energy Investment 2025 Japan and Korea
Expanding power investment and keeping adequate electricity supply capacity will be crucial to meet rising electricity demand and ensure stable supply for the economies of Japan and Korea Japan and Korea are two of the most advanced economies in Asia, both having a strong focus on trade with a dependence on energy imports to meet demand. Energy security concerns are spurred by their low energy self-sufficiency rates, Japan at 13% and Korea at 19%. To reduce their reliance on imports and to promote the energy transition, both countries have made significant investment in clean energy, with 92% of total…
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Sheltering From Oil Shocks Introduction and context
…refined products, particularly diesel and jet fuel, have increased even more. Many consumers around the world are still bruised from past price increases during the global energy crisis of 2021-2023, which pushed energy affordability to the forefront of energy policy priorities. A succession of turbulent years for the global economy and the energy sector has also depleted the fiscal means for governments to respond to a new crisis.The resumption of transit through the Strait of Hormuz is indispensable to relieve the strains on markets and to allow for stable flows of oil and gas to international markets. In…
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World Energy Outlook 2025 Executive summary
…2024 for the 23rd consecutive year. Oil, natural gas and coal consumption, and nuclear output, all reached record highs as well. Driven mainly by China, since 2019 demand for coal has grown 50% faster than the next fastest growing fossil fuel, natural gas, a key reason why energy-related emissions have continued to grow.There is no single storyline about the future of energy, which is why the World Energy Outlook presents multiple scenarios, none of which is a forecast. The framework presented in this Outlook is based on the latest and most comprehensive data on policies, technologies and markets…
