Agence France-Presse: USD 48 Trillion Needed by 2035 to Meet Global Energy Needs: Report

More than $48 trillion must be invested by 2035 to meet global energy needs as current technologies go offline and demand rises in emerging nations, the International Energy Agency (IEA) said in a report launched in London on Tuesday.

The special report warns that the expansion of the global gas market, thanks largely to the improvements in unconventional extraction methods, will not reduce prices significantly due to high transportation and infrastructure costs.

The Paris-based body predicted that $2 trillion per year will need to be invested by 2035, a rise of $400 billion from 2013, while annual spending on energy efficiency will have to increase to $550 billion.

"This amounts to a cumulative global investment bill of more than $48 trillion, consisting of around $40 trillion in energy supply," it explained.
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