World Energy Outlook 2012 (IEA)

World Energy Outlook 2012 / International Energy Agency / November 2012

In this annual report the International Energy Agency says fossil fuels are still the main source of energy with subsidies increasing to US$523 billion (mainly in the Middle East and North Africa).

The report concludes that: “No more than one-third of proven reserves of fossil fuels can be consumed prior to 2050 if the world is to achieve the 2 °C goal, unless carbon capture and storage (CCS) technology is widely deployed”

And that “almost four-fifths of the CO2 emissions allowable by 2035 are already locked-in by existing power plants, factories, buildings, etc. If action to reduce CO2 emissions is not taken before 2017, all the allowable CO2 emissions would be locked-in by energy infrastructure existing at that time.”

The report covers the state of the oil, coal, natural gas, renewables and nuclear power sectors. Other highlights include:

• The United States could be the world’s biggest oil producer by 2020 and energy independent by 2035. The huge increase in fracking will mean the United States starts to be a net exporter of natural gas in 2020. And by 2035 it could be a net oil exporter which would have big ramifications for the oil trade as Middle Eastern oil would mainly go to Asia.
• Renewable energy will be the world’s second largest source of power by 2015 and could overtake coal by 2035. However, for this to be a reality it needs an increase in subsidies. The IEA classes renewables as: solar, wind, hydropower, biofuels, biomass (for power generation)
• By 2035 there are potential energy savings to be made that are equivalent to 1/5 of global demand. This could be the quickest way to reduce climate change.
• There is less interest in nuclear power after the accident at Fukushima in Japan but several countries will still probably increase capacity including China, India and Russia.

Read report

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This summary was prepared by Why Green Economy?. The views expressed have been paraphrased. See the original source for more information.