Participants from 23 countries – including Egypt and South Africa – met in Italy on May 23 for a two-day conference to discuss stabilizing the global energy markets and fighting climate change. The countries represented by participants at the event account for 80% of the world’s energy supply and demand, and with the International Energy Agency (IEA) predicting further downturn in investments, some attendees worried that even when the financial markets rebound that insufficient supply resulting from decreased investments will occur.
The IEA predicted a 38% decrease in renewable energy investment this year; however, compared with the current figures, a six-fold investment in renewable energy and a four-fold energy efficiency spending is needed to head off climate change, the IEA said.