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IEA sees slump in oil capacity and in 'green' investment
Warsaw (AFP) May 12, 2009 Global oil capacity will slump by 1.7 million barrels per day and investment in "green" technologies is set to plummet by 48 percent this year, the International Energy Agency said on Tuesday. "As a whole (...) we have revised about 1.7 million barrels per day downward (...) so far in 2009 capacity," IEA executive director Nobuo Tanaka told reporters here following a meeting with Poland's Economy Minister Waldemar Pawlak. "In our projection there is a decline both in OPEC and non-OPEC capacity," Tanaka said. "Non-OPEC supply is reduced about 500,000 barrels per day," he added, pointing to dampened demand as the global economic crisis bites. On April 10, the IEA released a report saying it expected the global economy to contract by 1.4 percent in 2009 instead of a modest expansion, and it slashed global demand by one million barrels per day to 83.4 million barrels per day, the lowest level since 2004. Pointing to a crisis-induced sharp decline in estimated investment in green energy technologies world-wide Tanaka also called on G8 Group of Eight leading nations to maintain investment in the low carbon energy sector. "Under the current economic crisis investment into the renewable technology will decline in 2009 even by 48 percent," Tanaka said. "We strongly recommend from the IEA to the G8 countries as well as IEA member countries to maintain the investment into the low-carbon technology or renewable energy - it is one of our strongest recommendations in the coming months to the G8," Tanaka said. "Investment into low carbon technologies is very key for (energy) sustainability," he added. Share This Article With Planet Earth
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