Rising Demand of Energy May Impact the Growth of Renewables

Rising Demand of Energy May Impact the Growth of RenewablesOn Wednesday, the International Energy Agency said that fossil fuels are expected to be used to meet maximum of the energy demand in the world and that surely puts the targets of climate change at risk.

In its World Energy Outlook 2014 report, the IEA said, "The global energy system is in danger of falling short of the hopes and expectations placed upon it."

The body which is based in Paris and advises the industrial oil consuming nations estimated that the demand for global energy will increase by 37 percent by the year 2040. It opined that to meet this growing demand fossil fuels will be used intensively in spite of the concerns related to global warming.

It also warned that security of global energy increases in risk also in the oil market as "reliance grows on a relatively small number of producers."

Though the prices of oil are right now at four-year lows, yet the body expects it to rise with the growing demand. It says the demand was 90 million barrels per day in 2013 and will increase to 104 million barrels per day in 2040.

The IEA says that the share of renewable power sources will increase to 37 percent in the nations which are members of the Organization for Economic Cooperation and Development.