A technological revolution is essential to averting a global energy crisis within the next few decades, the International Energy Association (IEA) warned today in Tokyo.
If current trends continue, the world will need five times more oil than Saudi Arabia produces at present to meet demand. CO2 emissions would be pushed up 130 percent by 2050 in such a scenario with the power generation sector responsible for 44 percent, ahead of industry, transport and buildings. To address the issue, a global spend of US$45 trillion is needed over the next 40 plus years, the agency claim. IEA Executive director Nobuo Tanaka said, "Such growth of oil demand raises major concerns regarding energy supply access and investment needs. We are very far from sustainable development, despite the widespread recognition of the long-term problem. In fact, CO2 emissions growth has accelerated considerably in recent years." He said higher oil and gas prices result in a rapid switch to coal, with the rapid growth in China and India, which are both coal based economies, contributing to the "deteriorating outlook." IEA said no single form of energy can solve the issue, but highlighted the importance of energy efficiency. Tanaka added, "We would need a virtual decarbonisation of the power sector. Given the growing demand for electricity, this would mean that on average per year 35 coal and 20 gas-fired power plants would have to be fitted with CO2 capture and storage (CCS) technology." This would cost US$1.5 billion each. Wind capacity would have to rise by 17,500 a year, while 32 new nuclear plants would be needed every 12 months to 2050.
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