Agency calls for energy revolution

THE International Energy Agency (IEA) has warned that abrupt and irreversible climate change will occur unless countries act together to create “an energy revolution”.

One of the leading authorities on world energy needs, IEA chief economist Fatih Birol, said a recent survey of the world’s 800 biggest oil fields had revealed they were depleting faster than had been thought. However, Dr Birol stressed, oil was destined to remain the world’s most important energy source for several more decades.

He also claimed the era of cheap oil was over, despite volatility in the market that has seen the oil price reach the lowest level since 2005.