The world needs to pump $45 trillion into developing green technologies if it hopes to reach its goal of cutting emissions in half by 2050, the International Energy Agency said today. Otherwise, emissions will rise 130% over that period, and oil demand will climb 70%. The $45 trillion represents 1.1% of global GDP over the period, Bloomberg reports.
“A global energy technology revolution is both necessary and achievable, but it will be a tough challenge,” said the IEA’s executive director. “The world faces the daunting combination of surging energy demand, rising greenhouse gas emissions and tightening resources.” The report will guide the G-8 environment ministers when they meet in Japan tomorrow. The G-8 nations have pledged to shoot for the 50%-by-2050 goal.