Renewables Are the Future of Energy, IEA says

11.28.2011

The significance of renewable energy is expected to increase in the coming decades but time is running out for policy reforms, the International Energy Agency said from Paris. The IEA and the OECD estimate that governments and taxpayers spent roughly $500 billion in 2010 supporting the production and consumption of fossil fuels through subsidies.

IEA Executive Director Maria van der Hoeven, in a statement, said, however, that renewable energy was the fastest-growing part of the energy sector.  Without a change in mindset, she said, governments risk having only a carbon-heavy energy future. Advancements in renewable energy should move beyond advanced economies to usher in a sustainable energy future.

“Renewables already play a central role in fostering sustainability and energy security, and their significance will only grow in the coming decades,” she said.