Energy Sector Ready For International Climate Change Agreement
Posted on: Thursday, 19 November 2009, 14:14 CST
Energy leaders on Thursday urged international leaders to strike a climate deal, calling it “the top long term issue."
"It's the most important driver for change," said World Energy Council (WEC) Secretary General Christoph Frei.
The WEC said officials in 93 countries see future climate policies as a "critical uncertainty" much similar to the current economic crises.
"Long term visibility is absolutely critical, without that energy industry is going to face high uncertainty. That adds to cost... and ends up on everyone's bill eventually," Frei told a UN conference on energy security.
An International Energy Agency scenario sees future energy growth would raise carbon emissions to about 40 gigatons by 2030 against 28 this year, AFP reported.
This scenario would take place if the current pattern of demand continues to scale upward without new curbs on emissions.
"We don't think that this is going to happen and we hope that it's not going to happen," said IEA senior economist Trevor Morgan.
"We're on a six degree (Celsius) increase path at the moment," Morgan said.
"Unless there is a deal in Copenhagen or soon after... then demand is just going to continue to rise along the same path as in recent years."
"The danger is that under-investment in key energy producing countries could reduce availabilities leading to strong renewed price pressures," said Jan Kubica, Director General of the UN's Economic Commission for Europe.
“The financial crisis has made it all the more uncertain whether the full energy investment needed in the long term to meet growing energy needs can be mobilized.”
A WEC survey of 60 executives shows that half of those executives back a plan to cut investments by more than 20 percent or postpone them.
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Source: RedOrbit Staff & Wire Reports
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