IEA: Clean Energy Switch Would Cost Fossil Fuel Fuel Interests $4 Trillion by 2020

I have posited before that part of the reason why climate policy is so difficult is that it would cause massive revenue losses for the fossil fuel industry. Susan Kraemer from the CleanTechnica blog has now noted that the International Energy Agency has put a specific figure on how much the industry has to lose: With a shift to clean energy, USD 4 trillion would be saved by 2020 through lower fossil fuel use.

But there is probably no need to worry, the same IEA report concludes that overall the world is far from getting on track to reducing emissions.

Energy-related CO2 emissions are at historic highs; under current policies, we estimate that energy use and CO2 emissions would increase by a third by 2020, and almost double by 2050. This would likely send global temperatures at least 6°C higher.

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