ANKARA
The world requires $48 trillion in investments till 2035 in order to meet the growing need for energy, according to the International Energy Agency.
Countries must invest $40 trillion in energy supplies and $8 trillion in energy efficiency over the next 21 years, according to a report released on Tuesday by the agency, a Paris-based energy policy group.
Economic growth and rising living standards have been fueling the global energy demand, forcing governments to find ways and money to increase supplies.
The agency says global energy demand is predicted to grow by one-third by 2035, of which 90 per cent will come from emerging countries.
The world has invested $1.6 trillion in 2013 for energy supply, more than double the amount in 2000. Until 2035, the annual investment figure is expected to reach $2 trillion, Tuesday’s report says.
Of the $40 trillion energy supply investment, $23 trillion needs to be invested in fossil fuel extraction, transport and oil refining, it says.
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