Update on Climate Change & Alternative Energy: Global leaders re-think energy strategy

"At the B20 Business Summit on the fringes of the G20 summit in Cannes, Dr. Fatih Birol, IEA chief economist, disclosed that based on their updated WEO, “$38 trillion of investment is required to meet projected energy demand through 2035.” The breakdown will be: $16.9 trillion for power generation; $10 trillion for oil; $9.5 trillion for natural gas; $1.1 trillion for coal; and $0.3 trillion for biofuels. Dr. Birol albeit warned that “investors in energy projects are facing a multitude of risks.” The defining factors for the energy outlook set sharp focus on: worldwide access to energy; fossil fuel subsidies and investment in energy infrastructure. Although they are jealously guarded by competitors in the technology front, it appears that the role of fossil fuels in the energy mix – primarily “Big Oil” and “King Coal” -- might still be far from over. Experts nonetheless acknowledged that the “high carbon infrastructure lock-in is making the 2-degrees centigrade climate challenge goal more challenging and expensive to meet.”"

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