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IEA fears oil price escalation without global climate deal

Failing to put in force bold global climate alternate insurance policies and lower fossil gasoline subsidies will see oil costs skyrocket over the following 20 years.

This isn’t the prediction of inexperienced teams or renewable power corporations, however the view of the International Energy Agency (IEA), the global frame tasked with tracking oil provides, which is about to warn in a document subsequent week that the arena is getting ready to but any other oil price surprise.

In its annual World Energy Outlook document, because of be launched on nine November and noticed in draft layout by way of the Financial Times, the power watchdog will expect that by way of 2035, robust environmental insurance policies may lead to per-barrel oil costs $20 less than a business-as-usual situation.

But it cautions that without motion, oil costs may leap from round $85 a barrel these days to $135 by way of 2035.

The IEA’s research takes into consideration the global accord signed in Copenhagen closing yr, in addition to nationwide commitments from G20 member international locations to curb carbon emissions. But underneath its business-as-usual situation, it anticipates that there’ll most effective be “weak implementation” of those commitments as they’ve no longer but been strengthened with “specific measures”.

“The message from this analysis is clear: the weaker and slower the response to the climate challenge, the greater the risk of oil scarcity and the economic cost for consuming countries,” the Financial Times quoted the document as pronouncing. “If governments act now to encourage more efficient use of oil and the development of alternatives, the demand for oil might begin to ease quite soon. “

(BusinessGreen)

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