In a new 700 page report by the International Energy Agency, Executive Director Maria van deer Hoeven has stated that governments and private investors must work much harder if they truly want to reduce global warming to acceptable levels.
The IEA is calling for an extra $36 trillion of funding for clean energy projects by 2050, after claiming that current investment is just not enough. Governments must set higher, more ambitious renewable energy targets, form carbon emission taxes in order to encourage reductions, and end all subsidies for fossil fuels; which they claim last year were seven times higher than renewable energy subsidies.
Van der Hoeven lambasted that, “our ongoing failure to realize the full potential of clean energy technology is alarming. Under current policies, both energy demand and emissions are likely to double by 2050.”
Calls for an extra $36 trillion seem extravagant, and unattainable, however it is only 35% more than current levels predicted to be invested before 2050; as low as they are. The IEA has calculated that the extra investment works out as just $130 per person per year, and could ultimately reduce world energy costs by $150 trillion by 2050.
By. Joao Peixe of Oilprice.com
Joao is a writer for Oilprice.com