Business / Industries

Report: Energy costs to hit $5.7t

By Du Juan (China Daily) Updated: 2014-06-20 07:27

Zou Ji, deputy director-general of the National Center for Climate Change Strategy and International Cooperation, said China has been developing high efficiency coal-fired power generation in recent years to cut emissions and protect the environment.

"The need for investment in low-carbon energy in the coming two decades is huge," Zou said.

He added that the country should use investment as a tool to guide technological transformation and the capacity of energy supply.

"It can be an interesting point to consider about leading roles of developed countries in reforming the world energy investment system to create incentives and guidance," he said.

According the IEA, capital costs to produce energy have doubled since 2000.

In 2013, the number soared to $1.6 trillion to provide consumers with energy globally.

"Today's investments lock in patterns of consumption, fuel use and emissions for long into the future," said the report.

The global investment needs in energy supply total $40 trillion by 2035, two-thirds of which will be in emerging economies. The core investment area will shift from China to other countries in Asia, as well as Africa and Latin America.

Up to $23 trillion of the $40 trillion will go to fossil fuel exploration, transportation and refining while $10 trillion will go to power generation.

The remainder will be spent on power transmission and distribution.

Guo Haitao, a professor at the China University of Petroleum, said China should invest in clean coal, distributed natural gas power generation and electric vehicles for energy efficiency.

"Future investment in energy might turn out to be less than the IEA has forecast because of technological development."

Report: Energy costs to hit $5.7t

Report: Energy costs to hit $5.7t

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