18 March 2009: Speaking at the Organization of Petroleum Exporting Countries (OPEC) International Seminar, which took place in Vienna, Austria, from 18-19 March 2009, under the theme “Petroleum: Future Stability and Sustainability,” Nobuo Tanaka, Executive Director, International Energy Agency (IEA), outlined the IEA’s view on world energy markets, underscoring the present and future need for continuous and substantial investments with respect to both the traditional supply side and clean energy technologies.

Noting that total world primary energy demand is expected to grow by 45% from 2006 to 2030, he stressed the implications of this growth for climate change. He further explained that, under a business as usual scenario, global carbon dioxide emissions from energy will increase by 45% over that period, which would lead to a global temperature increase of around six degrees, which he said is unsustainable. To address this challenge, he called for a “revolution” in the energy sector that requires emissions reductions in all regions, as well as further investment to enhance the use of low carbon technologies. [The Speech]