China and India to dominate world energy markets by 2035
Increased demand for energy will see China and India comsume half the world's energy output by 2035 according to new research by the International Energy Agency (IEA).
According to the IEA’s World Energy Outlook (WEO), published today November 9, New Delhi, Beijing and Moscow will ‘dictate’ the globe’s future energy direction.
China’s growing hunger for energy will impact on Europe as the WEO predicts the country will increasingly snap up fossil fuels produced by Russia.
Currently China only takes 2% of oil, coal and gas rich Russia’s natural resources however by 2035 that will rise to 20%.
At the same time Europe’s use of Russian fossil fuels will fall from more than 60% to 48% – increasing the need for other sources of power.
The report, which also predicts a natural gas ‘golden age’, predicts Russia will benefit hugely from increasing markets for its resources, but will need to invest in its infrastructure.
IEA chief economist, Fatih Birol, said: “While Russia will remain an important supplier to its traditional European markets, a shift in its fossil fuels exports towards China and the Asia Pacific gathers momentum.”
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