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Green tech focus urged
By Jane Wardell |
November 10, 2010, Wednesday
|
Print Edition
Print Edition
GOVERNMENTS need to do more to increase efficiency and boost green technologies to avoid a spike in oil prices as energy demand is expected to jump 36 percent through 2035, the International Energy Agency warned yesterday.
In its annual World Energy Outlook, the Paris-based IEA said emerging nations will account for most of the surge in demand and that much will depend on the strength of the economic recovery over the next few years.
The agency - the energy arm of the Organization for Economic Cooperation and Development, a grouping of the world's richest nations - forecast that global oil demand will rise to 99 million barrels a day by 2035, some 15 million barrels a day higher than last year.
That's a slightly slower increase than the 105 million barrels a day by 2030 it forecast last year as the world economy continues to slowly get back on its feet, but IEA Executive Director Nobuo Tanaka said it was no time for policy makers to be complacent.
The report predicted oil prices could soar as high as US$135 a barrel and are set to average US$113 a barrel by 2035, compared to an average of US$60 in 2009, as higher prices are needed to balance demand with supply.
In its annual World Energy Outlook, the Paris-based IEA said emerging nations will account for most of the surge in demand and that much will depend on the strength of the economic recovery over the next few years.
The agency - the energy arm of the Organization for Economic Cooperation and Development, a grouping of the world's richest nations - forecast that global oil demand will rise to 99 million barrels a day by 2035, some 15 million barrels a day higher than last year.
That's a slightly slower increase than the 105 million barrels a day by 2030 it forecast last year as the world economy continues to slowly get back on its feet, but IEA Executive Director Nobuo Tanaka said it was no time for policy makers to be complacent.
The report predicted oil prices could soar as high as US$135 a barrel and are set to average US$113 a barrel by 2035, compared to an average of US$60 in 2009, as higher prices are needed to balance demand with supply.
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