Investments totalling $38trn will be needed to meet projected global energy demand up to 2035, according to the International Energy Agency (IEA).
But energy supplies may be threatened if unrest in energy-producing countries curbs oil and gas projects, chief economist Fatih Birol told a press conference in Paris, according to Bloomberg.
“If the investment doesn’t come through in the MENA [Middle East and North Africa] region, this will have major implications on international oil prices,” said Birol. MENA countries will account for 90 percent of crude production growth in the next ten years, he said.
The IEA projects $16.9tn will need to be spent on power-generation infrastructure through 2035, or 45 per cent of the total investment required to meet energy demand. That compares with $10tn on oil, $9.5tn on natural gas, $1.1tn on coal and $300bn on biofuels.
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