IEA Calls for $45 Trillion Energy Revolution

Source:

The International Energy Agency estimated that to reverse this growth trend and attain the 50 per cent reduction in carbon emissions recommended by the Intergovernmental Panel on Climate Change (IPCC) the global economy will need to invest $ 45 trillion, or 1.1 per cent of average annual global GDP, in alternative energy technologies up to 2050.

The full scale of the environmental and energy challenge facing the global economy was underlined today with the release of a major new report from the International Energy Agency (IEA) warning that the world is currently on track to see carbon emissions more than double by 2050.

It estimated that to reverse this growth trend and attain the 50 per cent reduction in carbon emissions recommended by the Intergovernmental Panel on Climate Change (IPCC) the global economy will need to invest $ 45 trillion, or 1.1 per cent of average annual global GDP, in alternative energy technologies up to 2050.

The biannual report, Energy Technology Perspectives, warns that based on current energy policies CO2 emissions will rise by 130 per cent by 2050, while demand for oil will climb by 70 per cent an expansion equivalent to five times today's production of Saudi Arabia.

Related Articles

Get Our Streetwise Reports Newsletter Free

A valid email address is required to subscribe