A report published by the IEA and the International Renewable Energy Agency found the share of fossil fuels used to satisfy energy demand would need to be cut in half by 2050 and emissions would need to fall more than 70 percent to keep the mean temperature from rising.
After fueling the 20th century automobile culture that reshaped cities and defined modern life, gasoline has had its day.
The International Energy Agency forecasts that global gasoline consumption has all but peaked as more efficient cars and the advent of electric vehicles from new players such as Tesla Motors Inc. halt demand growth in the next 25 years. That shift will have profound consequences for the oil-refining industry because gasoline accounts for one in four barrels consumed worldwide.
“Electric cars are happening,” IEA Executive Director Fatih Birol said in an interview in London, adding that their number will rise from little more than 1 million last year to more than 150 million by 2040.
The world is squeezing more from the energy it uses even though markets are awash in cheap oil and natural gas, a report from the International Energy Agency showed.
According to the latest report from the International Energy Agency, renewable energy now accounts for 80 percent of new generation among the 34 developed countries in the Organization for Economic Co-operation and Development. But, don’t break out the bubbly just yet. The new IEA report raises a number of concerns about the prospects for continued rapid growth in renewable energy investment through 2020, and the picture gets particularly murky when you throw non-OECD members into the mix.
Uncertainty about the political commitment to renewables in both developed and developing countries is making the future unclear. Policy makers want economic growth; and hydrocarbons are still cheap enough to be attractive energy sources. In addition the hydrocarbon energy lobbies are getting more interest.
Power Decarbonization Cost Rises 22% to $44 Trillion, IEA Says
The cost of cutting carbon emissions from power generation enough to restrict global warming to safe levels is rising because growing coal use outweighs the progress in renewables, theInternational Energy Agency said.
Investments of $44 trillion through 2050 are needed to decarbonize the energy sector, the Paris-based agency said today in an e-mailed report, up 22 percent from the figure it gave two years ago. The spending would ensure the average temperature rise since the industrial revolution is limited to the 2-degrees Celsius (3.6 degrees Fahrenheit) target world leaders have endorsed.
It’s a vicious circle. The more time is wasted the more costly the solution becomes; so that people try to avoid the cost and make the situation even worse and even more costly.