IEA says fossil fuels must be replaced by renewables

15th May 2014

Giles Parkinson reports in REneweconomy (13/5/14)

"In its biannual Energy Technology Perspective report, the traditionally conservative IEA (of which Australia is a member) says the energy mix for the world’s electricity supply needs to be flipped within a few decades, from 68 per cent fossil fuels now to at least 65 per cent renewables by 2050. 

"And it argues that action is needed now, or it will get more costly. Already, the delays in action in the last few years has increased the bill to $44 trillion from $36 trillion. While that sounds like a big number, the IEA says it is a small percentage of globa GDP over the next three decades, and would be more than offset by $115 trillion in fuel savings.

"Interestingly, the IEA is recommending countries adopt the very policies that the Abbott government is now trying to stop through the closure of the Clean Energy Finance Corp, the defunding of the Australian Renewable Energy Agency, and the likely reduction in the renewable energy target."

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