Oil major ExxonMobil has upped…
Blackstone is buying into the…
The International Energy Agency (IEA) has just launched its 2012 edition of its World Energy Outlook, in which it has stated that energy around the globe is changing “in a dramatic fashion.”
The US’s drive to increase oil and natural gas production is the main topic of the report, but the IEA also wrote that renewable energy will become the second largest source of power generation in the world by 2015, and that by 2035 it could overtake coal to become the primary source.
They noted that these estimates will only be achieved if current subsidies continue. According to the IEA, a total of $4.8 trillion must be provided as subsidies for renewable projects. Whilst this amount may seem to be vast, over half has already been committed to existing projects, or needs to be invested in order to meet the targets already set for 2020.
Relevant Article: Rossi's Investors Talk about the Progress of his E-Cat
Greenpeace has also released its Greenpeace Energy Revolution 2012 report, in which it believes that the IEA report is too lenient. Sven Teske, a campaigner with Greenpeace International, said that “renewable energy must grow to 65% of electricity production and energy efficiency must increase by 2035 to reduce the impact of climate change. Otherwise, based on this forecast, the world is still headed for a catastrophic temperature increase of 4 to 6 degrees Celsius.”
The IEA reported that by 2035: “Global electricity consumption would grow by 15,000TWh with 7000TWh covered by renewables. 3400TWh of wind and solar powered generation would be added, more than the entire electricity consumption of the European Union.”
By. Joao Peixe of Oilprice.com
Joao is a writer for Oilprice.com