Paris - Investments of some 10 trillion dollars (6.85 trillion euros) are necessary in the energy sector between the years 2010 and 2030 to fight global warming, the International Energy Agency (IEA) said Tuesday. That amount would represent 0.5 per cent of global GDP in 2020 and 1.1 per cent in 2030 and would achieve what the IEA describes as an "energy revolution," the stabilization of greenhouse gas emissions at 450 parts per million.
"The message is simple and stark: If the world continues on the basis of today's energy and climate policies, the consequences of climate change will be severe," IEA executive director Nobuo Tanaka said while presenting the conclusions to a round of climate change talks in Bangkok.
"Energy is at the heart of the problem, and so must form the core of the solution," he said.
The IEA scenario for greenhouse gas stabilization foresees that the use of fossil fuels peaks before 2020, with energy-related carbon dioxide emissions just 6 per cent higher in 2020 than in 2007.
To achieve these goals, emissions in 2020 would have to be reduced by 3.8 gigatons. A gigaton is equal to 1 billion metric tons.
Of that amount, 1.6 gigatons of reduction would occur in OECD countries, and China would account for 1 gigaton of emissions reduction, the IEA said.
"This underlines the leading role China will play in the global combat against climate change," the agency noted.
According to Tanaka, "The biggest challenge will be to ensure there is funding to back this energy transformation, with substantial support for developing countries."
He said that in 2020, the energy sector in non-OECD countries would need to make extra investments of some 200 billion dollars in clean and efficient energies.
"For this, developing countries will need some financial support from OECD countries," Tanaka added.
The findings made public Tuesday by the IEA form part of its World Energy Outlook 2009, which will be released in London on November 10.
