India became third largest nation for energy investment in 2016, says IEA

ANI | Updated: Nov 19, 2017 16:47 IST

New Delhi [India], November 19 (ANI): India became the third largest country for energy investment in 2016 only behind China and the United States of America, an International Energy Agency's report pointed out.

"Energy investment in India jumped 7% in 2016, cementing its position as the third-largest country behind the United States," the World Energy Investment report 2017 stated.

"Investment in India's electricity sector reached a record of nearly $55bn in 2016," the report added.

The investment has increased owing to government pushing to modernise and expand India's power system and enhance access to electricity supply.

On the other hand, China remained the largest destination of energy investment, taking 21% of the global total

However, the makeup of investments in China has been changing.

"Today, energy investment in China is increasingly driven by low-carbon electricity supply and networks, and energy efficiency," the World Energy Investment report 2017 said.

Overall, total energy investment worldwide was around USD 1.7 trillion in 2016, 12% lower than 2015 in real terms and accounting for 2.2% of global gross domestic product (GDP). (ANI)