The world spends $2.1 trillion on energy in 2022

Countries increase spending in the energy sector to secure supply, amid post-pandemic inflation caused by rising labor and transportation costs.

The world could see a big shift in spending on green energy, with spending on oil and gas falling, experts say. However, spending on other fossil fuels, such as coal, remained flat.

Rystad’s report also stated that European Union (EU) member countries will gradually reduce their dependence on energy sources imported from Russia.

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