The Demand for Energy Rising Rapidly
In a new report, the International Energy Agency (IEA) predicts that the global demand for energy will rise by 36% by 2035, likely causing, among other issues, the cost of oil to reach $113 a barrel by this time (2009 prices averaged at just over $60/barrel).
Driving this increase in demand, according to the IEA, will be China. States the report,
It is hard to overstate the growing importance of China in global energy markets… The country’s growing need to import fossil fuels to meet its rising domestic demand will have an increasingly large impact on international markets.
The rapid increase in demand (rising by 75% in China) will not be met by the oil industry; renewable energy, the IEA wrote, will be essential to a “more secure, reliable and sustainable energy path.”
What does this mean?
It highlights, again, the benefits investment in a green energy sector could yield for American companies, communities, and the U.S. economy.
The country IEA predicted to lead the charge on clean technology development: China.
