Friday, June 6, 2008

Halving CO2 emissions by 2050 would cost 45 trillion dollars - IEA (Roundup)

Tokyo - Halving greenhouse gas emissions by 2050 would cost 45 trillion dollars in addition, the International Energy Agency (IEA) said Friday.

The Paris-based agency released a report upon request from the Group of Eight nations and proposed that innovative technology be required to achieve the goal.
In Energy Technology Perspectives 2008 report, the IEA said every year 25 gas-fired and 35 coal-fired power plants need new carbon-dioxide capture and storage technology, which would cost 1.5 billion dollars each.

The world also needs about 17,500 wind power turbines and 32 new nuclear power plants every year, while not-fully prevalent technology such as 215 million square meters of solar panels and a billion electric or hydrogen fuel cell vehicles should also be introduced, the IEA report said.

'We will require immediate policy action and a technological transition on an unprecedented scale,' IEA Executive Director Nobuo Tanaka said in Tokyo. 'It will essentially require a new global energy revolution which would completely transform the way we produce and use energy.'
The report released ahead of the energy ministers meeting this weekend in northern Aomori would serve as the basis for discussion July 7-9 at the G8 summit meeting in Hokkaido, northern Japan.

Environmental group Greenpeace welcomed the IEA proposal, but said in a statement released Friday that renewable energy could better supply the world for less cost.
Greenpeace said a combination of renewable energy sources and energy efficiency was the smartest, safest and cheapest way to combat climate change and enhance energy security.

The IEA-proposed nuclear power and carbon storage 'divert funds from genuine climate solutions,' Greenpeace said.

It said Japan can produce more than 60 per cent of its electricity from renewable energy sources by 2050, becoming less dependent on imported fossil fuels and saving on electricity costs.

Better energy efficiency and use of renewable energy resources would reduce the long term costs for electricity by 38 per cent, according to Greenpeace.

Renewable energy sources account for 3.2 per cent of Japan's primary energy demand. About 11 per cent of Japan's primary energy supply comes from nuclear power and 85.8 per cent from fossil fuels.

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