International Energy Agency says 18-50 trillion dollars needed for carbon dioxide emissions

The International Energy Agency (IEA) has estimated that up to 2050, 18-50 trillion dollars would have to be invested in new energy infrastructure and equipment in order to reduce carbon dioxide emissions to 50 per cent of todays level.

Nicosia, Feb 6 : The International Energy Agency (IEA) has estimated that up to 2050, 18-50 trillion dollars would have to be invested in new energy infrastructure and equipment in order to reduce carbon dioxide emissions to 50 per cent of today's level.

This was stated at a recent round table for chief technology officers of 30 big energy industry companies held in Paris last month.

In a joint statement, the IEA and the technology officers called on governments to act now: "Urgent government action is needed to facilitate the development and deployment of advanced energy related technology. There is a pressing need to design and implement a range of policy measures that will create clear, predictable, long-term economic incentives for carbon reduction in the market."

In order to reduce carbon dioxide emissions by half, the IEA stresses the need for large-scale deployment of a number of technologies. These include energy efficient vehicles and buildings, renewable energy, more efficient power plants, nuclear power, more efficient transmission and distribution systems and advanced biofuels.

IEA studies have shown that, if the world continues on its current path, global carbon dioxide emissions from energy production and use are likely to increase by more than 55 per cent to over 42 billion tons a year by 2030.

Carbon dioxide emissions have steadily increased in recent years.

"The longer we wait, the more difficult the task of mitigating climate change becomes. Governments cannot act alone - the private sector must be involved from the outset", said Nobuo Tanaka, IEA Executive Director.

ANI