The IEA warns of costs of policy action delay on climate
Wed 12 November 2008
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The International Energy Agency in its annual World Energy Outlook warns that continued growth in energy use with "business as usual" policies would have "shocking" consequences for the climate - raising average temperatures by up to 6°C. According to the panel of international experts, the IPCC, warming on this scale would be catastrophic.
Moreover, the report says that limiting the rise in global temperatures to only two degrees will require the use of new technologies that are not yet widely available and a price for carbon dioxide emissions well above today’s levels,
The report also says that the global slowdown in energy consumption may be leading the World to back-track on efforts to fight climate change.The WEO projects that global energy demand will increase by 45% between 2006 and 2030 — and that $26 trillion in power-supply investments will be necessary simply to meet those needs.
Mr Nobuo Tanaka, IEA's executive director said : "If we back-track (on climate change measures), the costs will get higher in the future".
The report says that companies have also been reevaluating renewable energy projects as credit has dried up and crude oil prices have plunged. Earlier in November, for example, BP said it had dropped wind projects in Asia and Europe to focus on the U.S. market. The oil major has also pulled out of a competition to design UK's first carbon capture and storage project.
Tanaka also said climate change measures will enhance the energy security of consumer countries by reducing their reliance on fossil fuels. Such measures will cut global fossil fuel needs by up to 16 million barrels a day by 2030, he said. The IEA also expects technologies to develop rapidly, so that renewable sources will overtake natural gas soon after 2010 to become the second-largest source of electricity after coal.
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