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Global energy spending is expected to reach $2.1 trillion

Oil storage tanks at the US oil storage facility in Carson, California, April 25, 2020.

Accordingly, post-COVID-19 inflation due to rising labor costs and transportation costs will also cause many countries to increase spending in the energy sector such as oil, liquefied natural gas (LNG), etc. to ensure supply.

Spending on oil prospecting, exploration and production is expected to grow 16% to $658 billion in 2022.

This number is in the mining and manufacturing sector gas and liquefied natural gas (LNG) is expected to grow 15% to $401 billion this year. Meanwhile, spending on green energy will increase by 24%, reaching $125 billion.

Rising inflation globally has driven oil and gas project spending last year 10-20% higher than in 2020, driven by higher steel prices and an increasingly tight market. Spending on green projects has also increased by 10-35%, as the prices of lithium, nickel, copper and polysilicon – key materials in the production of batteries and solar power – escalate.

But Rystad Energy also commented, Russia-Ukraine conflict will not derail the green energy transition. The world’s spending on solar energy this year is forecast to grow 64% to more than $190 billion, while spending on wind energy also reaches $209 billion.

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