IEA Report: CO2 emissions to double, oil demand to grow 70% before 2050

The emissions of gas with greenhouse effect will increase 130%, while the oil demand will grow 70% until 2050, a report of the International Energy Agency (IEA) warns, quoted by Reuters. The worldwide governments must find a technological solution to reduce the CO2 emissions that led to global warming, IEA says.

According to the agency estimations, the total cost to reduce the emissions to half would reach 45,000 billion dollars.

An annual effort between 10 and 100 billion dollars must be made during the following 15 years, in order to develop new technologies, designed to drastically reduce the CO2 emissions.

The warning is aimed directly to the 27 industrialized states and comes right before the G8 Energy Ministers meeting this weekend. Energy ministers from China, India and South Korea will also attend the meeting.