IEA Demands $45 Trillion Investment in Clean Technology

The world must spend $45 trillion to cut its dependence on oil and reduce greenhouse gasses, the International Energy Agency (IEA) said Friday. According to the IEA countries must commit 1.1% of projected total global gross domestic product (GDP) to develop sufficient clean energy technology by 2030. “Carbon emissions must be cut. Costs of about 1% of [global] GDP are not outrageous, so this target is realistic,” Go Hibino, a senior manager at Mizuho Information & Research Institute, told Reuters . Without a change in current governmental policies, carbon-dioxide emissions will rise by 130% and oil demand will climb 70% by 2050, Nobuo Tanaka,…