(MENAFN - Kuwait News Agency (KUNA)) The World Energy Council (WEC) launched a new report here on Saturday on the sidelines of the ongoing 18th Session of the Conference of the Parties to the UNFCCC (COP18/CMP8).
According to the report, 80 percent of the energy sources used in the world at present is fossil energy.
The percentage is expected to decrease in the global energy mix to 60 percent in 2035, Qatar News Agency said, citing the report.
The WEC calls for increasing investment in the renewable energy sources and the adoption of sophisticated technology to mitigate the effects of fossil fuels and this would be so in the long term. While viewing the fossil fuels as the most important data its new report, the WEC expects the demand for energy around the world will rise from current levels by 30 percent until 2050, noting that 1.3 billion people around the world have no access to energy supplies while needs more one billion to clean energy for cooking, pointing to the need for the world to invest USD 1.5 trillion by 2025 to maintain current levels of energy.
The Index reveals that: Environmental impact mitigation remains a universal problem; providing high-quality and affordable energy access remains a significant challenge for developing and emerging economies; and countries at various stages of development struggle with energy security. For the first time this year, the Energy Sustainability Index comes with a set of country and regional performance profiles. Now in its third annual edition, the Index captures and aggregates country-level data to outline the relative energy performances and contextual attributes of the WEC's member countries. Its global findings show: Environmental impact mitigation remains a universal problem. In general, as countries' GDP per capita increases they also rise up in the Index's measures of environmental impact mitigation.
Countries are likely to successfully mitigate CO2 emissions and to improve air and water quality if they low-carbon energy resources, said the WEC report. For developing and many emerging economies, providing high-quality and affordable energy access remains a significant challenge. The main challenge identified is that scarce financial resources on the demand and supply sides limit the functioning of markets and the ability to attract energy investments.
Countries at various stages of development struggle with energy security. Developing and emerging economies primarily struggle with energy security due to their strong consumption growth. Some developed countries, on the other hand, struggle to expand domestic production of energy to meet growing consumption. However, countries with higher GDP per capita tend to have a more secure energy supply with the top 10 performers in the Index all ranking high in energy security, enabled by political will, strong institutional frameworks, and the necessary finances.
The World Energy Council (WEC) is the principal impartial network of leaders and practitioners promoting an affordable, stable and environmentally sensitive energy system for the greatest benefit of all. Formed in 1923, WEC is the UN-accredited global energy body, representing the entire energy spectrum, with more than 3000 member organisations located in over 90 countries and drawn from governments, private and state corporations, academia, NGOs and energy related stakeholders.