Published Date: 13 November 2008
By Hamish Rutherford
SCOTTISH & Southern Energy yesterday maintained that its controversial acquisition of Airtricity had been vindicated after revealing it made a £100 million profit on the sale of half of an uncompleted wind farm it owned for less than eight months.
The Perth-based utility faced downgrades from analysts and credit rating agencies after announcing it was paying £1.1 billion for the Irish wind farm developer in January.But chief executive Ian Marchant told The Scotsman yesterday that the profit from the sale would vindicate SSE's move for Airtricity..Marchant said: "We said to the market at the time, 'you will in hindsight judge this as a good deal', and events since have vindicated us."SSE announced last week that it had sold a 50 per cent stake in the Thames Estuary Greater Gabbard wind farm to German utility RWE, for £308m. When it announced the sale to RWE last week the company was unable to give details ahead of its half-year results, but yesterday revealed that its profit on the sale of the stake was about £100m.SSE acquired 50 per cent of Greater Gabbard when it bought Airtricity. It paid £40m to acquire the rest of the project from US engineering company Fluor in April, but, excluding working capital, said it had sold that stake for £140m to RWE. Marchant added: "To buy something in April and sell it for £140m in November is good business."SSE, which this week became Scotland's largest company by market capitalisation after overtaking RBS, revealed its pre-tax profits in the six months to 30 September had fallen 55 per cent to £302.6m, on turnover of £9.2 billion.Marchant blamed the fall in profits on higher wholesale energy prices, but said the performance in the second half was expected to be much stronger, with full-year profits expected to exceed the £1.08bn reported for the year to 31 March. The news sent SSE shares up 55p, or 4.8 per cent, to 1,199p, valuing the firm at £10.5bn, compared with RBS's £9.3bn market cap.Despite maintaining that the company was in a strong financial position, Marchant admitted that it had never been so difficult to raise debt, after struggling to sell £500m in bonds to investors. Finance director Gregor Alexander spent most of last week calling potential investors to plug SSE's strength. Marchant said the bond issue was ultimately oversubscribed, but warned other companies may not be as fortunate."I think if it's this hard for a company as strong as SSE to raise debt, then for some good-quality companies it's going to be almost impossible."WHAT'S NEXTSCOTTISH & Southern Energy continues to attract new gas and electricity customers with chief executive Ian Marchant harbouring ambitions to be the UK's largest utility.SSE said yesterday that it had almost nine million gas and electricity customers, a net gain of 450,000 accounts since the start of April. SSE has consistently been the fastest-growing UK utility retailer, with customer numbers roughly doubling since the start of 2002.Last year SSE overtook EOn, the UK business of the German power giant, when its account numbers exceeded 8.2 million, making its Britain's second largest utility retailer by customers.Market leader Centrica, which owns British Gas, is streets ahead, with more than 15 million customers, but Marchant believes SSE could take the top spot."I would love to (pass Centrica] but it will take a while, it won't happen next year … I would love to do it before I retire," the 47-year-old said yesterday.
Thursday, 13 November 2008
CBI urges Government to spend as much on green tech as defence
Business leaders have urged the Government to start spending the same amount of money on green technology that is currently spent on developing weapons of war.
By Louise Gray, Environment Correspondent Last Updated: 12:05AM GMT 13 Nov 2008
At the moment around £250 million is spent on researching new ways to generate electricity without harming the environment like wave, wind or solar power.
However with fossil fuels running out, the CBI wants ten times more money to be spent on green technology to bring it into line with the £2.6 billion currently spent on developing military equipment.
Dr Neil Bentley, CBI Director of Business Environment, said the UK will need energy from low carbon resources like biomass, clean coal and nuclear as well as renewables like wind and hydro in order to keep the lights on as the old power stations come off stream.
Industry will also need new technologies to improve energy efficiency as prices rise and the UK attempts to cut greenhouse gases by 80 per cent by 2050.
"Our ambition should be to increase expenditure on low-carbon technologies to around 30 per cent of the Government's total R&D budget, roughly equivalent to £2.6 billion of purchasing power. That would bring it in line with the proportion currently being spent on defence," he said.
In a report on low-carbon innovation, the CBI called on Government to develop low-carbon technology as a national priority. The leading business body also said the government needed to invest in training more people for green jobs and fast-track proven technologies.
Dr Bentley continued: "It will take a co-ordinated effort from government and business to ensure the UK is ready to exploit the potential of a low-carbon economy.
"With increasing globalisation, the UK has an opportunity to enter and lead in new markets estimated at $1 trillion. However there is currently a general lack of ambition and vision on how to achieve this. The UK needs to act now if it is to be a low-carbon leader. If not, we are in danger of being overtaken by other countries in low-carbon technology markets."
A spokesman from the Deparment of Energy and Climate Change said: "We recognise the massive contribution low carbon innovation can make in helping us meet our climate change and energy security goals, as well as in creating jobs and business opportunities. That's why we're ploughing hundreds of millions of pounds into supporting energy R&D, and why the new Environmental Transformation Fund is up and running providing business with some £400 million of funding to demonstrate innovative and energy efficient technologies."
By Louise Gray, Environment Correspondent Last Updated: 12:05AM GMT 13 Nov 2008
At the moment around £250 million is spent on researching new ways to generate electricity without harming the environment like wave, wind or solar power.
However with fossil fuels running out, the CBI wants ten times more money to be spent on green technology to bring it into line with the £2.6 billion currently spent on developing military equipment.
Dr Neil Bentley, CBI Director of Business Environment, said the UK will need energy from low carbon resources like biomass, clean coal and nuclear as well as renewables like wind and hydro in order to keep the lights on as the old power stations come off stream.
Industry will also need new technologies to improve energy efficiency as prices rise and the UK attempts to cut greenhouse gases by 80 per cent by 2050.
"Our ambition should be to increase expenditure on low-carbon technologies to around 30 per cent of the Government's total R&D budget, roughly equivalent to £2.6 billion of purchasing power. That would bring it in line with the proportion currently being spent on defence," he said.
In a report on low-carbon innovation, the CBI called on Government to develop low-carbon technology as a national priority. The leading business body also said the government needed to invest in training more people for green jobs and fast-track proven technologies.
Dr Bentley continued: "It will take a co-ordinated effort from government and business to ensure the UK is ready to exploit the potential of a low-carbon economy.
"With increasing globalisation, the UK has an opportunity to enter and lead in new markets estimated at $1 trillion. However there is currently a general lack of ambition and vision on how to achieve this. The UK needs to act now if it is to be a low-carbon leader. If not, we are in danger of being overtaken by other countries in low-carbon technology markets."
A spokesman from the Deparment of Energy and Climate Change said: "We recognise the massive contribution low carbon innovation can make in helping us meet our climate change and energy security goals, as well as in creating jobs and business opportunities. That's why we're ploughing hundreds of millions of pounds into supporting energy R&D, and why the new Environmental Transformation Fund is up and running providing business with some £400 million of funding to demonstrate innovative and energy efficient technologies."
CBI criticises government for lack of ambition in low carbon technologies
Britain will miss its climate change goals without tenfold investment in green technology, say business leaders
Alok Jha, green technology correspondent
guardian.co.uk, Wednesday November 12 2008 17.04 GMT
The government must increase by tenfold its investment in low-carbon technologies if it wants the UK to meet its climate change goals, according to business leaders.
In a report published today, the Confederation of British Industries (CBI) argues that there is a "lack of ambition in the UK" for the new technology and that an increased focus is crucial for the country to reduce carbon emissions by the target of 80% by 2050.
"It will take a coordinated effort from government and business to ensure the UK is ready to exploit the potential of a low-carbon economy," said Neil Bentley, business environment director at the CBI.
The government spends less than £250m annually on low-carbon energy research. The CBI argues that this figure should be closer to the defence budget of £2.6bn."With increasing globalisation, the UK has an opportunity to enter and lead in new markets estimated at $1 trillion. However, there is currently a general lack of ambition and vision on how to achieve this. The UK needs to act now if it is to be a low-carbon leader. If not, we are in danger of being overtaken by other countries in low-carbon technology markets."
The CBI's report recommends that government departments responsible for science and innovation should work closer together with those responsible for climate change and energy to establish green technologies as a national research priority. It adds that any known technologies that could substantial carbon emission cuts within the next 10 years should be fast-tracked to commercialisation.
In the longer term, research and development should focus on groups of technologies rather than picking on individual projects: these groups could include alternative fuels, energy storage, marine power and vehicle technology."The UK is currently an average investor in R&D with government and business contributing at relatively similar levels in comparison with other countries," said Bentley. "Our ambition should be to increase expenditure on low-carbon technologies to around 30%of the government's total R&D budget, roughly equivalent to £2.6bnof purchasing power. That would bring it in line with the proportion currently being spent on defence."
The report added: "The Stern review on climate change showed that investment to reduce carbon emissions now will be more cost efficient than delaying spending. Many of the key technologies are already known and priority should be given to bringing these into service."
The CBI said that another way to encourage green technologies was for the government to use more of it. This means that public agencies could try to stoke up the market for greener cars or energy by sourcing their needs this way. This is already happening to some extent: last month, the government announced that £20m will be available to provide electric and low-carbon and electric vans to public sector organisations, including Royal Mail, the Metropolitan police, the Environment Agency and the government Car and Despatch Agency as well as councils.
Friends of the Earth's climate campaigner, Robin Webster, agreed that spending on research and development for low-carbon technology must increase. "Boosting renewable energy and cutting energy waste will create exciting new business opportunities and new green-collar jobs — as well as helping tackle climate change. The economic and environmental potential is enormous. We could be a world leader in developing green energy — Britain is the windiest country in Europe and has the continent's best wave and tidal resource."
A spokesperson for the government's department of energy and climate change said: "We recognise the massive contribution low carbon innovation can make in helping us meet our climate change and energy security goals, as well as in creating jobs and business opportunities. That's why we're ploughing hundreds of millions of pounds into supporting energy R&D, and why the new Environmental Transformation Fund is up and running providing business with some £400 million of funding to demonstrate innovative and energy efficient technologies."
Alok Jha, green technology correspondent
guardian.co.uk, Wednesday November 12 2008 17.04 GMT
The government must increase by tenfold its investment in low-carbon technologies if it wants the UK to meet its climate change goals, according to business leaders.
In a report published today, the Confederation of British Industries (CBI) argues that there is a "lack of ambition in the UK" for the new technology and that an increased focus is crucial for the country to reduce carbon emissions by the target of 80% by 2050.
"It will take a coordinated effort from government and business to ensure the UK is ready to exploit the potential of a low-carbon economy," said Neil Bentley, business environment director at the CBI.
The government spends less than £250m annually on low-carbon energy research. The CBI argues that this figure should be closer to the defence budget of £2.6bn."With increasing globalisation, the UK has an opportunity to enter and lead in new markets estimated at $1 trillion. However, there is currently a general lack of ambition and vision on how to achieve this. The UK needs to act now if it is to be a low-carbon leader. If not, we are in danger of being overtaken by other countries in low-carbon technology markets."
The CBI's report recommends that government departments responsible for science and innovation should work closer together with those responsible for climate change and energy to establish green technologies as a national research priority. It adds that any known technologies that could substantial carbon emission cuts within the next 10 years should be fast-tracked to commercialisation.
In the longer term, research and development should focus on groups of technologies rather than picking on individual projects: these groups could include alternative fuels, energy storage, marine power and vehicle technology."The UK is currently an average investor in R&D with government and business contributing at relatively similar levels in comparison with other countries," said Bentley. "Our ambition should be to increase expenditure on low-carbon technologies to around 30%of the government's total R&D budget, roughly equivalent to £2.6bnof purchasing power. That would bring it in line with the proportion currently being spent on defence."
The report added: "The Stern review on climate change showed that investment to reduce carbon emissions now will be more cost efficient than delaying spending. Many of the key technologies are already known and priority should be given to bringing these into service."
The CBI said that another way to encourage green technologies was for the government to use more of it. This means that public agencies could try to stoke up the market for greener cars or energy by sourcing their needs this way. This is already happening to some extent: last month, the government announced that £20m will be available to provide electric and low-carbon and electric vans to public sector organisations, including Royal Mail, the Metropolitan police, the Environment Agency and the government Car and Despatch Agency as well as councils.
Friends of the Earth's climate campaigner, Robin Webster, agreed that spending on research and development for low-carbon technology must increase. "Boosting renewable energy and cutting energy waste will create exciting new business opportunities and new green-collar jobs — as well as helping tackle climate change. The economic and environmental potential is enormous. We could be a world leader in developing green energy — Britain is the windiest country in Europe and has the continent's best wave and tidal resource."
A spokesperson for the government's department of energy and climate change said: "We recognise the massive contribution low carbon innovation can make in helping us meet our climate change and energy security goals, as well as in creating jobs and business opportunities. That's why we're ploughing hundreds of millions of pounds into supporting energy R&D, and why the new Environmental Transformation Fund is up and running providing business with some £400 million of funding to demonstrate innovative and energy efficient technologies."
Nyrstar says carbon trading could shut smelters
The Associated Press
Published: November 13, 2008
CANBERRA, Australia: The world's largest zinc producer, Nyrstar, said Thursday its Australian smelters could become unviable under a proposed national greenhouse gas emissions trading scheme.
From 2010 polluters will trade permits to emit carbon-based gases that are blamed for global warming, under the government's plan to reduce the country's greenhouse emissions.
The government will initially set a price for the permits, sometimes called a carbon tax, and limit their number. Market forces will decide their future price as they are traded between polluters.
But Nyrstar's warning that its smelters in Tasmania and South Australia states would become unprofitable increased pressure on the government to stall its plan until global agreement is reached on a carbon tax price.
Nyrstar chief operating officer Greg McMillan said company-commissioned modeling showed that the scheme would cost his business 70 million Australian dollars ($45 million) a year.
While the government has yet to announce the price it will set for creating a ton of carbon, the modeling assumed a cost of AU$40 ($26) a metric ton ($28 a U.S. ton) which was roughly equivalent to the European Union market price.
McMillan said that price would make Nyrstar's Australian zinc and lead smelters internationally uncompetitive, and more than 3,000 jobs could be lost to developing countries such as China.
"There's a big question mark over the viability of these operations because we operate on a global market where prices are determined on the London Metals Exchange and we have no ability to pass the carbon tax on to our consumers," McMillan told The Associated Press.
"The world's demand for zinc and lead is not going to decline if our smelters shut down; that supply will be taken up by other operations in parts of the world that don't have the same price for carbon as an impost on production," he said.
"Most likely, that will happen in China or India where they have less stringent environmental regulations and you will actually produce more tons of CO2 per ton of zinc," he said.
London-based company which is incorporated in Belgium is the world's largest zinc producer and third largest lead producer, according to the company's Web site.
McMillan said while Nyrstar also had operations in the United States, China and Europe, 40 percent of its production came from Australia.
Climate Change Minister Penny Wong told the Senate Wednesday the government would continue to consult with Nyrstar and other businesses before releasing next month its final blue print for Australia's emissions trading scheme.
Nyrstar said in a statement Thursday that it would not qualify for special government assistance to become more energy efficient because its carbon emissions were currently below a proposed threshold for emissions-intensive industries.
Published: November 13, 2008
CANBERRA, Australia: The world's largest zinc producer, Nyrstar, said Thursday its Australian smelters could become unviable under a proposed national greenhouse gas emissions trading scheme.
From 2010 polluters will trade permits to emit carbon-based gases that are blamed for global warming, under the government's plan to reduce the country's greenhouse emissions.
The government will initially set a price for the permits, sometimes called a carbon tax, and limit their number. Market forces will decide their future price as they are traded between polluters.
But Nyrstar's warning that its smelters in Tasmania and South Australia states would become unprofitable increased pressure on the government to stall its plan until global agreement is reached on a carbon tax price.
Nyrstar chief operating officer Greg McMillan said company-commissioned modeling showed that the scheme would cost his business 70 million Australian dollars ($45 million) a year.
While the government has yet to announce the price it will set for creating a ton of carbon, the modeling assumed a cost of AU$40 ($26) a metric ton ($28 a U.S. ton) which was roughly equivalent to the European Union market price.
McMillan said that price would make Nyrstar's Australian zinc and lead smelters internationally uncompetitive, and more than 3,000 jobs could be lost to developing countries such as China.
"There's a big question mark over the viability of these operations because we operate on a global market where prices are determined on the London Metals Exchange and we have no ability to pass the carbon tax on to our consumers," McMillan told The Associated Press.
"The world's demand for zinc and lead is not going to decline if our smelters shut down; that supply will be taken up by other operations in parts of the world that don't have the same price for carbon as an impost on production," he said.
"Most likely, that will happen in China or India where they have less stringent environmental regulations and you will actually produce more tons of CO2 per ton of zinc," he said.
London-based company which is incorporated in Belgium is the world's largest zinc producer and third largest lead producer, according to the company's Web site.
McMillan said while Nyrstar also had operations in the United States, China and Europe, 40 percent of its production came from Australia.
Climate Change Minister Penny Wong told the Senate Wednesday the government would continue to consult with Nyrstar and other businesses before releasing next month its final blue print for Australia's emissions trading scheme.
Nyrstar said in a statement Thursday that it would not qualify for special government assistance to become more energy efficient because its carbon emissions were currently below a proposed threshold for emissions-intensive industries.
Japanese greenhouse gas emissions reach record level
Bloomberg News, Reuters
Published: November 12, 2008
TOKYO: Japanese greenhouse gas emissions rose 2.3 percent to hit a record high in the year that ended in March, hurt by the extended shutdown of some nuclear power plants, while emissions from manufacturers continued to rise, government data released Wednesday showed.
Emissions of heat-trapping gases including carbon dioxide rose to 1.371 billion tons from 1.34 billion tons a year earlier, according to data compiled by the Environment Ministry. That is an increase of 8.7 percent since 1990.
The continued closure of Tokyo Electric Power's Kashiwazaki-Kariwa nuclear power plant, which was damaged by an earthquake July 16 last year, has thwarted the country's efforts to increase carbon-free power generation. Japan is under pressure to achieve its emission-reduction target under the Kyoto Protocol for emissions reduction.
Japan, which has the world's second-biggest economy behind the United States, has pledged to cut emissions of gases blamed for global warming by 6 percent from the 1990 level. The reduction must be made in the five years that started in April this year.
Output of carbon dioxide increased 2.6 percent to 1.305 billion tons in the year that ended in March, or 14.1 percent since 1990, according to the report from the ministry. Methane emissions fell 1.6 percent to 23.1 million tons.
The Japanese nuclear plant utilization rate dropped to 60.7 percent of capacity in the year that ended March from 69.9 percent a year earlier, the Federation of Electric Power Companies of Japan said.
Tokyo Electric's nuclear plant operating rates fell to 44.9 percent of capacity from 74.2 percent.Storage off Australian coast
Australia passed legislation Tuesday that would establish new licenses to allow companies to inject and store greenhouse gases in waters off the Australian coast, Bloomberg News reported from Sydney.
The law facilitates the storage of greenhouse gases while providing oil and natural gas exploration and production license holders a "high level of protection" for their existing property rights, Belinda Robinson, chief executive of the Australian Petroleum Production and Exploration Association, said in an e-mailed statement.
Australia, which is seeking to develop carbon capture and storage, or CCS, technologies and regulations to help tackle global warming, started its first demonstration project in April for the underground disposal of carbon dioxide. The move was part of a strategy to prolong the use of coal as a fuel source while reducing emissions.
"The passing of this bill creates an environment in which industry can invest in CCS with confidence, and will encourage the commercialization of technologies capable of reducing future global greenhouse gas emissions," Resources Minister Martin Ferguson said Monday in a statement before the bill had been passed. Chevron, the U.S. oil company, plans to use underground disposal for carbon waste from its proposed Gorgon liquefied natural gas project in Western Australia.
Published: November 12, 2008
TOKYO: Japanese greenhouse gas emissions rose 2.3 percent to hit a record high in the year that ended in March, hurt by the extended shutdown of some nuclear power plants, while emissions from manufacturers continued to rise, government data released Wednesday showed.
Emissions of heat-trapping gases including carbon dioxide rose to 1.371 billion tons from 1.34 billion tons a year earlier, according to data compiled by the Environment Ministry. That is an increase of 8.7 percent since 1990.
The continued closure of Tokyo Electric Power's Kashiwazaki-Kariwa nuclear power plant, which was damaged by an earthquake July 16 last year, has thwarted the country's efforts to increase carbon-free power generation. Japan is under pressure to achieve its emission-reduction target under the Kyoto Protocol for emissions reduction.
Japan, which has the world's second-biggest economy behind the United States, has pledged to cut emissions of gases blamed for global warming by 6 percent from the 1990 level. The reduction must be made in the five years that started in April this year.
Output of carbon dioxide increased 2.6 percent to 1.305 billion tons in the year that ended in March, or 14.1 percent since 1990, according to the report from the ministry. Methane emissions fell 1.6 percent to 23.1 million tons.
The Japanese nuclear plant utilization rate dropped to 60.7 percent of capacity in the year that ended March from 69.9 percent a year earlier, the Federation of Electric Power Companies of Japan said.
Tokyo Electric's nuclear plant operating rates fell to 44.9 percent of capacity from 74.2 percent.Storage off Australian coast
Australia passed legislation Tuesday that would establish new licenses to allow companies to inject and store greenhouse gases in waters off the Australian coast, Bloomberg News reported from Sydney.
The law facilitates the storage of greenhouse gases while providing oil and natural gas exploration and production license holders a "high level of protection" for their existing property rights, Belinda Robinson, chief executive of the Australian Petroleum Production and Exploration Association, said in an e-mailed statement.
Australia, which is seeking to develop carbon capture and storage, or CCS, technologies and regulations to help tackle global warming, started its first demonstration project in April for the underground disposal of carbon dioxide. The move was part of a strategy to prolong the use of coal as a fuel source while reducing emissions.
"The passing of this bill creates an environment in which industry can invest in CCS with confidence, and will encourage the commercialization of technologies capable of reducing future global greenhouse gas emissions," Resources Minister Martin Ferguson said Monday in a statement before the bill had been passed. Chevron, the U.S. oil company, plans to use underground disposal for carbon waste from its proposed Gorgon liquefied natural gas project in Western Australia.
Temperature set to rise by 6C, energy agency warns
Robin Pagnamenta
Long-term global temperatures are on course to rise by 6C (43F) unless radical changes are adopted in the way that the world produces energy, the International Energy Agency (IAE) said yesterday.
In its 2008 World Energy Outlook, the IEA said that if present trends continued, greenhouse gas emissions from the burning of coal, oil and gas “would be driven up inexorably”, putting the world on track for a doubling in atmospheric carbon dioxide levels by the end of the century.
The IEA said that the biggest single contributor to global emissions over the next two decades was likely to be the use of coal - the world's second- most important fuel after oil, accounting for 26 per cent of energy demand.
It said that coal production was set to rise by 60 per cent between 2006 and 2030, with 90 per cent of the increase coming from developing countries. Chinese coal output alone is expected to double. Global demand for the fuel has been growing at nearly 5 per cent per year since 2000, compared with total energy demand growth of about half this level, or 2.6 per cent.
The IEA said that to stabilise greenhouse gas concentrations at 450 parts per million of carbon dioxide equivalent - which would limit the temperature increase to a more manageable 2C- a sharp drop in all emissions would be necessary from 2020 onwards.
Nobuo Tanaka, the IEA's executive director, said: “We would need concerted action from all major emitters. Our analysis shows that OECD countries alone cannot put the world on to a 450ppm trajectory even if they were to reduce their emissions to zero.”
This would require the use of lowcarbon energy to account for 36 per cent of global energy production by 2030, up from 19 per cent in 2006.
Environmental campaigners, such as Robin Webster, of Friends of the Earth, welcomed the IEA's call for an “energy revolution”to address climate change, claiming that it could provide economic benefits through the creation of new “green-collar” jobs.
Long-term global temperatures are on course to rise by 6C (43F) unless radical changes are adopted in the way that the world produces energy, the International Energy Agency (IAE) said yesterday.
In its 2008 World Energy Outlook, the IEA said that if present trends continued, greenhouse gas emissions from the burning of coal, oil and gas “would be driven up inexorably”, putting the world on track for a doubling in atmospheric carbon dioxide levels by the end of the century.
The IEA said that the biggest single contributor to global emissions over the next two decades was likely to be the use of coal - the world's second- most important fuel after oil, accounting for 26 per cent of energy demand.
It said that coal production was set to rise by 60 per cent between 2006 and 2030, with 90 per cent of the increase coming from developing countries. Chinese coal output alone is expected to double. Global demand for the fuel has been growing at nearly 5 per cent per year since 2000, compared with total energy demand growth of about half this level, or 2.6 per cent.
The IEA said that to stabilise greenhouse gas concentrations at 450 parts per million of carbon dioxide equivalent - which would limit the temperature increase to a more manageable 2C- a sharp drop in all emissions would be necessary from 2020 onwards.
Nobuo Tanaka, the IEA's executive director, said: “We would need concerted action from all major emitters. Our analysis shows that OECD countries alone cannot put the world on to a 450ppm trajectory even if they were to reduce their emissions to zero.”
This would require the use of lowcarbon energy to account for 36 per cent of global energy production by 2030, up from 19 per cent in 2006.
Environmental campaigners, such as Robin Webster, of Friends of the Earth, welcomed the IEA's call for an “energy revolution”to address climate change, claiming that it could provide economic benefits through the creation of new “green-collar” jobs.
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