PARIS, March 10 (UPI) -- The International Energy Agency and technology officers from 30 global companies in Paris called Wednesday for dramatic action to usher in a low-carbon economy.
"The global energy system must be transformed to a low-carbon system," the statement read. "This will require a dramatic ramp up of our annual investment in a portfolio of low-carbon energy technology solutions within the next decade bearing in mind technology shifts take decades to create material impacts."
The IEA said studies indicate that the technological capacity exists to cut carbon emissions by 50 percent by 2050. This requires a strong focus on energy efficiency in a "decarbonized" power and transport sector, the IEA said.
The challenge for the private sector and national governments is how to move forward with the development of technologies that will enable the transition to a low carbon economy.
"To realize the revolution in energy technologies that the world desperately needs, governments and business from developed and developing countries will need to work together closely," the statement read.
The IEA statement said government support for low-carbon economies is "essential" to encourage private sector investments.
"This means a revolution in the way modern society uses and produces energy," the statement added.
