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World Energy Outlook_2012 Edition
15 November 2012

WEO2012The 2012 edition of the World Energy Outlook was released on November 12. It presents authoritative projections of energy trends through to 2035 and insights into what they mean for energy security, environmental sustainability and economic development.

According to the report, the global energy map is changing dramatically. North America, for example, is at the forefront of a sweeping transformation in oil and gas production that will turn it in a net exporter by 2035, thus driving most of international oil trade towards Asia. Global energy demand will push ever higher, growing by more than one-third to 2035, with China, India and the Middle East accounting for 60% of the growth.

Fossil fuels will remain dominant in the global energy mix but renewables are expected to become the world second-largest source of power generation by 2015 and close in on coal as the primary source by 2035.

Beyond energy sources, energy efficiency is seen as one of the most promising options. The report shows that by 2035 we could achieve energy savings equivalent to nearly a fifth of global demand in 2010. However, as Fatih Birol, IEA Chief Economist and WEO's lead author said, "In the absence of a concerted policy push, two-thirds of the economically viable potential to improve energy efficiency will remain unrealised through to 2035. Action to improve energy efficiency could delay the complete 'lock-in' of the allowable emissions of carbon dioxide under a 2°C trajectory – which is currently set to happen in 2017 – until 2022, buying time to secure a much-needed global climate agreement. It would also bring substantial energy security and economic benefits, including cutting fuel bills by 20% on average".

For more information and to download the executive summary please visit the official website.

 

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