IEA needs US$10 trillion for clean technology

The International Energy Agency (IEA) said that a US$10 trillion investment in renewable energy, biofuels and nuclear power over the next 20 years is necessary to stabilize greenhouse gas emissions. The energy sector, which includes oil, gas and coal used to power industry and fuel vehicles, represents 85%of all global carbon dioxide emissions. But the organization said if the money were poured into the right technology, leaders would succeed in preventing temperatures from rising 2°C above pre-industrial levels, the threshold at which most scientists say serious climate change will ensue. The IEA recommends that most of the spending until 2020 go into increasing energy efficiency, renewable energy and biofuels. (October 6, 2009)