Business School Topics
A peak in carbon emissions could come as early as 2020 if the right measures are introduced, an international energy economics conference taking place at The University of Western Australia has been told.
The International Energy Agency’s Dr Johannes Trüby told conference delegates that with increased energy efficiency and greater use of renewables, a reduction in methane emissions during oil and gas production, the closing of inefficient coal power stations and the phasing out of fossil fuel subsidies, the world could meet its goal of limiting the rise in global temperatures to less than 2ºC.
Dr Trüby reminded conference delegates that more than 180 countries – accounting for 95% of the world’s energy related emissions – had made pledges to reduce their emissions at the United Nations Climate Change Conference in Paris (COP21) last year.
In 2014, Dr Trüby added, the installation of renewable energy generators reached a record high – adding 130GW of capacity worldwide.
Presenting the International Energy Agency’s World Energy Outlook 2015, Dr Trüby highlighted Asia’s growing demand for energy. The report suggests that by 2040, Asia will be the final destination for 80% of traded coal, 75% of traded oil and 60% of traded gas.
India will have to provide for 600 million new electricity consumers and will become the largest centre for coal demand growth. Meanwhile, China’s economic rebalancing will see it becoming less reliant on energy to drive its economic growth.
The 5th International Association for Energy Economics (IAEE) Asian Conference is being held at the UWA Business School from February 14 to 17.