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UPDATE: Climate Deal Key To Encourage Low-CO2 Investment-IEA10 days ago
(Adds cuts details)
LONDON (Dow Jones)--A climate change deal in Copenhagen in December is crucial to encourage investment into low-carbon energy and technology or the world will face a dramatic rise in greenhouse gas emissions, the International Energy Agency said Tuesday.
In its annual World Energy Outlook to 2030, the IEA said that under current policies, the long-term concentration of greenhouse gas emissions in the atmosphere is set to exceed 1,000 parts per million--a trajectory that would result in a steep rise in global temperatures.
"If there's no deal in Copenhagen it will be very bad news for the energy sector," the IEA's Chief Economist Fatih Birol told Dow Jones Newswires in an interview.
"The energy sector needs a financial signal to make investments in a sustainable way," Birol said, adding that Copenhagen was a unique chance to mobilize investment that has been frozen due to the financial crisis and channel it down an alternative low-carbon path.
Without a change in current policies, global energy-related carbon dioxide emissions would reach 34.5 gigatons in 2020 and 40.2 GT in 2030, the IEA said in its annual report.
Energy efficiency will be one of the best tools in cutting emissions along with a de-carbonization of the power sector and a carbon price that reaches $50 a metric ton in 2020. These will set the world on the path to reach 450 ppm and a more manageable global temperature increase of up to 2 degrees Celsius, the IEA said.
To reach the 450 ppm alternative scenario, the U.S. would need to cut its domestic emissions 18% by 2020 from 2005 levels, Birol said.
The level is much greater than the 17% cut currently being discussed in a bill in the U.S. Senate, but which includes international offsets.
"We say that even only domestically, the U.S. have to cut by 18% so there's a strong gap for the time being," Birol added.
Europe would need to cut its emissions by 0.8 GT and China by 1 GT by 2020, Birol said, adding that the reductions by these three would comprise around 70% of the cuts required globally to get to 450 ppm.
-By Selina Williams, Dow Jones Newswires +44 207 842 9262; selina.williams@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=QfH2r6Cl9SvBxovETZx1rA%3D%3D. You can use this link on the day this article is published and the following day.
By Selina Williams
Of DOW JONES NEWSWIRES
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