The International Energy Agency (IEA) projects global energy investment reaching US$3.4 trillion in 2026, a slight increase over 2025 levels [1]. About US$2.2 trillion will target power grids, storage, low-emission fuels, nuclear, renewables, energy efficiency, and electrification [1].
Investment in renewables is expected to hit around US$665 billion, with solar alone drawing US$365 billion, marking a record high for the sector [1, 2]. Nuclear energy spending is set to exceed US$80 billion annually. Fifteen countries are currently constructing nearly 80 gigawatts of new nuclear capacity, signaling a significant surge in the sector [1, 2].
Oil investment is forecast to decline for the third consecutive year, falling below US$500 billion despite rising crude prices [1]. Meanwhile, natural gas investment is set to rise to US$330 billion, the highest level in a decade, fueled by new liquefied natural gas export projects in the United States and Qatar [1].
Coal investment will reach US$180 billion in 2026, the highest level in 10 years, with China responsible for nearly 70% of global coal supply spending [1].
Amid ongoing disruptions from the Middle East war, countries are expanding new supply routes and increasing reliance on domestic resources to respond to the global energy crisis. "We are already seeing intensified efforts by both producer and consumer countries to diversify trade routes and energy sources," said Fatih Birol, IEA Executive Director [1]. Birol added, "We are in the midst of the largest energy security crisis the world has ever faced –- and I believe this will reshape investment strategies globally, with parallels to the major changes the energy world witnessed after the oil shocks of the 1970s." [1]
The IEA report highlights a shifting investment landscape with significant resources moving toward low-emission and renewable energy infrastructure while fossil fuel investments remain sizable but show divergent trends.
Investment data for 2026 reflects a clear increase in natural gas and coal spending owing to energy security concerns. The year will also see continued declines in oil investment despite higher prices.
The next milestone for the sector will come with ongoing monitoring of how these investments translate into capacity additions and energy system transformations throughout 2026 [1, 2].
