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Asia (but not China) Will Lead Growth in Energy Consumption
Worldwide energy demand will grow by one-third by 2035, mainly because of increasing demand in Asia, predicts the Paris-based International Energy Agency.
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Worldwide energy demand will grow by one-third by 2035, mainly because of increasing demand in Asia, predicts the Paris-based International Energy Agency.
China is the region's primary driver today. But IEA predicts India and ASEAN will emerge as the biggest growth engines there in the next decade.
The agency expects the U.S. to surpass Saudi Arabia and Russia to become the world's largest petroleum producer by 2015. It says America's declining energy costs will give it a strong economic advantage.
IEA warns that Europe and Japan where electricity is twice as expensive and imported gas costs are three and five times as high, respectively, compared with the U.S. will suffer an increasing energy cost burden.
The report blames high energy prices in some markets on "pervasive" fossil-fuel subsidies that incentivized $544 billion in wasteful consumption last year. It also says two-thirds of the economic potential for energy efficiency will remain untapped by 2035 unless such subsidies and other market barriers are overcome.
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