Cost of meeting the world’s energy needs will reach new heights by 2035
Accommodating the world’s energy needs is expected to become a very expensive problem, according to a special report from the International Energy Agency. Energy costs are growing more expensive at a rapid pace and energy consumption is also on the rise. Despite countries taking steps to embrace energy efficiency and cut down on their use of fossil-fuels, the cost of electricity continues to grow and this cost may become unmanageable by some countries in the future.
More than $48 trillion will be needed to power the world
According to the report, the world’s energy needs will require more than $48 trillion in investments from now through 2035. Currently, the world spends a collective $1.6 trillion on its energy supply. The report notes that energy efficiency spending must reach more than $550 billion in investments by 2035 in order to offset the growing costs of energy consumption. The issue is placing more focus on renewable energy and sustainability.
Fossil-fuels continue to grow in expense
Fossil-fuels like oil and coal have been plentiful in the past, but the supply of these energy resources is beginning to diminish due to the finite nature of these fuels as well as political tensions between countries reliant on fossil-fuels and those that supply them. Coupled with a growing demand for electrical power, this has created a problematic scenario in which energy is set to become more expensive than it has ever been. One of the major issues, of course, is that breaking away from fossil-fuels is a costly venture in itself and many countries do not have the economic stability to embrace renewable energy fully.
EU and China are leading the way in clean energy investments
The report notes that the European Union is currently one of the more prominent investors in clean energy, technology, and energy efficiency. China has also established a strong position when it comes to energy investments, favoring solar and wind power over some other forms of energy. In the U.S., fossil-fuels remain the focal point of the country’s energy interests.