You know you’re in trouble when your energy agency falls to the anti-energy crackpots
The International Energy Agency said the world’s clean energy investments are sorely lacking and this week called for an additional $36 trillion of funding by 2050.
In a sharply-worded introduction to a 700-page report, IEA Executive Director Maria van der Hoeven said governments and private industry need to do far more if the world is to hold global warming to what most scientists say is an acceptable level.
“Our ongoing failure to realize the full potential of clean energy technology is alarming,” said van der Hoeven. “Under current policies, both energy demand and emissions are likely to double by 2050.”
The IEA consists of mostly industrialized nations and was set up in the early 1970s to counterbalance OPEC. It conducts energy market research and helps coordinate releases from strategic oil stockpiles.
The report urged governments to set higher targets for renewable energy use, called for a price on the emissions of carbon dioxide, and an end to subsidies for fossil fuels — which worldwide it said were seven times larger than renewable energy subsidies in 2011.
“Too little is currently being spent on every element of the clean energy transformation pathway,” said van der Hoeven.