The International Energy Agency, energy adviser to the world's richest nations, urges more-aggressive reductions in carbon emissions than what many nations are currently planning. In a report, the IEA says, over the next two decades, an investment of $10 trillion in renewable energy and other carbon-abatement technology will be necessary to limit the rise in the earth's temperature.
The IEA also calls for investments in clean-energy initiatives such as solar power, new nuclear plants and other measures totaling $500 billion a year over the next 20 years. That's about five-times the current level. The additional investment could cost consumers in developed nations such as the United States as they fill up their vehicles and keep their lights on.
The IEA also says sales of vehicles powered by the internal combustion engine will need to fall to about 40% in 2030 and electric and hybrid vehicles would need to account for the majority of new vehicle sales.
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