TOKYO, June 6, 2008 (AFP) – The world must spend one percent of its annual economic output to halve greenhouse gas emissions by 2050, the IEA said Friday, calling for an “energy technology revolution” to curb global warming.
Unless governments take action now, carbon dioxide emissions will rise by 130 percent by the middle of the century and oil demand will grow 70 percent, the International Energy Agency (IEA) said in a report published in Tokyo.
To halve carbon dioxide emissions, the world would need to spend an additional 45 trillion US dollars on clean energy technologies by 2050 — one percent of average annual gross domestic product over the period, it estimated.
“There should be no doubt that meeting the target of a 50 percent cut in emissions represents a formidable challenge,” Nobuo Tanaka, executive director of the Paris-based IEA, told a press conference here.
“We would require immediate policy action and technological transition on an unprecedented scale. It would essentially require a new global technological revolution which would completely transform the way we produce and use energy.”
He noted that, according to the UN-backed Intergovernmental Panel on Climate Change, such deep cuts ar