$48t needed in global energy investment by 2035: IEA05 June 2014
Xinhua, London :
Forty-eight trillion US dollars are needed in global energy investment by 2035, of which 40 trillion dollars is in energy supply and the remainder in energy efficiency, said the International Energy Agency (IEA) Tuesday in London.
IEA, an autonomous energy consulting agency established in 1974, Tuesday released its special report "World Energy Investment Outlook."
Of the investment in energy supply by 2035, a total of 23 trillion dollars are expected to invest in fossil fuel extraction, transport and oil refining; almost 10 trillion dollars are in power generation, and a further 7 trillion in transmission and distribution. Nearly two- thirds of energy-supply investment conducts in emerging market, said the IEA.
More than half of the energy supply investment is needed just to keep production at today's level, said the IEA.
"The reliability and sustainability of our future energy system depends on investment," said Maria van der Hoeven, executive director of the IEA, in a statement. "But this won't materialize unless there are credible policy frameworks in place as well as stable access to long-term sources of finance."