Bangkok: The International Energy Agency
called today for a USD 10 trillion transformation of the
energy sector to reign in greenhouse gas emissions, saying all
countries rich and poor must shift away from fossil fuels and
invest in renewable energy, nuclear power and energy
efficiency measures.
The Paris-based agency, which advises oil-consuming
countries, said spending the money between 2010 and 2030 would
help stabilise greenhouse gas emissions at 450 parts per
million, which most scientists say is necessary to keep
temperatures from rising 3.6 degrees Fahrenheit (2 degrees
Celsius) above pre-industrial levels and averting the worst
impacts of climate change.
The agency said three-quarters of the USD 100
billion in annual spending would be borne by industrialised
countries. But the mitigation actions themselves would be
split almost evenly between rich and poor nations with China
representing about two-thirds of those reductions.
The report was presented on the sidelines of the UN
climate talks where negotiators are working feverishly to
craft a new climate pact that would replace the Kyoto
Protocol, which expires in 2012. World leaders are hoping to
forge a new deal by December in Copenhagen.
"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," said IEA
Executive Director Nobuo Tanaka.
Bureau Report
First Published: Tuesday, October 06, 2009, 20:35