2026 World Energy Investment w/ The International Energy Agency (IEA)

Research evidence excerpt

2026 World Energy Investment w/ The International Energy Agency (IEA)

this. The IEA anticipates ~$180bn in 2026, the highest since 2012.

3) Power Sector Investment – Overall power sector investments were +7% ($1.5trn), despite

Aniket Shah, PhD * | Head of Sust. &a slowdown in renewables. Solar and wind remained the largest destinations for new capital,

Transition Strategy

accounting for 40% of power-sector investment and >60% of generation investment in 2025. Cost (212) 323-3976 | ashah14@jefferies.com

declines in clean tech have fundamentally changed the relationship between investment and output.

Charles Boakye, CFA * | Sust. & Transition

Solar costs have fallen ~75% (from ~$3bn/GW to ~$0.7bn/GW), enabling a ~10x increase in Strategist

capacity additions with only ~2.4x growth in investment. Investment data, whilst useful, doesn't (212) 336-6649 | cboakye@jefferies.com

reflect the full picture of energy system changes. Luke Sussams ^ | Sust. & Transition Strategist

44 (0)20 7548 4404 | lsussams@jefferies.com

4) Nuclear Investments – With 78GW of new nuclear capacity under construction in 15 countries,

Yujin Kim * | Sust. & Transition Strategyannual investments now sit at ~$80bn. China's program accounts for 1/3 of global investments,

Associate

as it continues to approve ~10 new builds per year. Underpinned by data centres and AI, 50GW of +1 (212) 778-8314 | ykim4@jefferies.com

new nuclear capacity has been announced in the United States. More broadly, over 40 countries

Jacqueline Murdock ^ | Sust. & Transition

already have policies in place to support nuclear deployment. Strategy Associate

+44 (0)20 7548 4165 | jmurdock@jefferies.com

5) Energy Efficiency – Previous energy shocks have led to step-changes in policy attention to

Amani Mahmood ^ | Sust.