Think green, IEA and OECD urge

Dec. 2, 2011 at 7:07 AM
Sign up for our Energy newsletter

VIENNA, Dec. 2 (UPI) -- Making the right policy decisions on fuel subsidies and carbon dioxide could trim emissions by half in the next 40 years, the IEA said in a report from Vienna.

The International Energy Agency, in a report with the Organization for Economic Co-operation and Development, recommends governments make policy transformations like ending fuel subsidies and putting a price on CO2 emissions.

"As the energy sector is responsible for the majority of man-made CO2 emissions, reforming it is critical to solving the climate change dilemma," IEA Deputy Executive Director Richard Jones said in a statement.

Both agencies said that emerging economies are starting to develop modern energy technology, meaning demand is growing and so are the strains on the environment.

The report said $46 trillion is needed before 2050 to transform the economy to one based on low-carbon technology. If that investment is made, the agencies say, energy-related emissions of CO2 would drop by half by 2050.

"Rising global energy demand and the need to drastically cut CO2 emissions require a transformation in the way we produce, deliver and consume energy," said Jones.

Follow us on Facebook, Twitter, and Instagram for more news from
Related UPI Stories
share with facebook
share with twitter
Trending Stories