Energy production costs for next 20 years may reach $50 trillion
DOI: 10.1063/PT.5.027976
New York Times : The International Energy Agency (IEA) has released a report in which it estimates that $2.5 trillion per year will be required to supply the world’s energy needs through 2035. Most of that—$40 trillion—is likely to be spent on developing and maintaining energy supplies, while $8 trillion will be spent increasing energy efficiency. The report also predicts that the balance of power for oil and gas production will shift back toward the Organization of the Petroleum Exporting Countries (OPEC), which is dominated by the Middle East, once North America’s shale deposits have been depleted, probably in the 2020s. Critics suggest that the report may be too pessimistic in some areas, such as renewable energy, for which it estimates only $6 trillion will be spent.
