• 4 minutes What If Canada Had Wind and Not Oilsands?
  • 8 minutes EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 17 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 2 hours Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 2 hours U.S. Withdraws From U.N. Human Rights Council
  • 2 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 6 hours Could oil demand collapse rapidly? Yup, sure could.
  • 1 hour What If Canada Had Wind and Not Oilsands?
  • 6 hours North Korea, China Discuss 'True Peace', Denuclearization
  • 2 hours "The Gasoline Car Is a Car With a Future"
  • 6 hours WE Solutions plans to print cars
  • 7 hours Gazprom Exports to EU Hit Record
  • 2 hours EVs Could Help Coal Demand
  • 2 hours Saudi Arabia turns to solar
  • 3 hours Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 23 hours Are EVs Safer Than Combustion Engine Vehicles?
  • 11 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 21 hours Oil prices going down
  • 21 hours Russia, Saudi Push For Big Hike In Oil Output Despite Iran Opposition
Petrochemicals: The Future For Big Oil

Petrochemicals: The Future For Big Oil

Saudi Aramco has inked a…

The Last Oil Frontier In The Gulf Of Mexico

The Last Oil Frontier In The Gulf Of Mexico

The potential of the U.S.…

IEA Calling for an Extra $36 Trillion to be Invested in Clean Energy

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


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News