World Energy Investment 2023 INTERNATIONAL ENERGY AGENCY The IEA examines the full spectrum of energy issues including oil, gas and coal supply and demand, renewable energy technologies, electricity markets, energy efficiency, access to energy, demand side management and much more. Through its work, the IEA advocates policies that will enhance the reliability, affordability and sustainability of energy in its 31 member countries, 11 association countries and beyond. This publication and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Revised version, May 2023 Information notice found: www.iea.org/corrections Source: IEA. International Energy Agency Website: www.iea.org IEA member countries: Australia Austria Belgium Canada Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Japan Korea Lithuania Luxembourg Mexico Netherlands New Zealand Norway Poland Portugal Slovak Republic Spain Sweden Switzerland Republic of Türkiye United Kingdom United States The European Commission also participates in the work of the IEA IEA association countries: Argentina Brazil China Egypt India Indonesia Morocco Singapore South Africa Thailand Ukraine Abstract World Energy Investment 2023 Abstract This year’s edition of the World Energy Investment provides a full update on the investment picture in 2022 and an initial reading of the emerging picture for 2023. 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. PAGE | 3 IEA. CC BY 4.0. It focuses on some important features of the new investment landscape that are already visible, including the policies now in place that reinforce incentives for clean energy spending, the energy security lens through which many investments are now viewed, widespread cost and inflationary pressures, the major boost in revenues that high fuel prices are bringing to traditional suppliers, and burgeoning expectations in many countries that investments will be aligned with solutions to the climate crisis. Table of contents World Energy Investment 2023 Table of contents Implications ................................................................................................ 150 Sustainable finance..................................................................................... 154 Overview .................................................................................................... 155 Introduction ......................................................................................................5 Sustainable investing ................................................................................. 159 Overview and key findings .............................................................................7 Sustainable debt issuances ....................................................................... 166 Power sector ..................................................................................................25 Annex............................................................................................................ 174 Overview of power investment .....................................................................26 Generation ...................................................................................................31 Final investment decisions (FIDs) ................................................................41 Electricity grids and battery storage .............................................................48 Implications ..................................................................................................55 Fuel supply .....................................................................................................58 Overview ......................................................................................................59 Upstream oil and gas ...................................................................................66 Midstream and downstream oil and gas ......................................................73 Oil and gas industry transitions ....................................................