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China may be "champion" in climate change fight: IEA chief economist

(Xinhua)
Updated: 2009-11-24 16:59

"That is four new Saudi Arabias," he said.

He believes natural gas can play a key role as a bridge to a cleaner energy future. At current demand levels, some 60 percent of the world's natural gas output would need to be replaced with new fuels by 2030, a volume equal to four times the current output of Russia, the world's biggest gas producer, Birol said.

According to Birol, in the United States and European Union, average annual expenditure on net imports of oil and gas will double its share of gross domestic product from a current one percent by the year of 2030.

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The global cost of the needed carbon reduction would be a huge $10.5 trillion , but each year of delay would add 500 billion dollars to it, he said.

The IEA's approach to tackling climate change and enhancing energy security would lower OPEC earnings to nearly $24 trillion in 2030 from $28 trillion during 2008, but Birol said OPEC would be willing to participate in the global cause.

"They are part of the solution," he said.

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