"Climate Deal To Prevent Doubling of Energy Bills"

"PARIS -- A climate change deal is needed not just to ward off global warming, but to ensure a shift from increasingly costly fossil fuels that could lead to a doubling of energy bills, the IEA's chief economist said on Tuesday.

In the absence of an agreement, the ratio of energy spending to Gross Domestic Product for the largest consumer countries would double by 2030, Fatih Birol, author of the International Energy Agency's World Energy Outlook (WEO) told Reuters in an interview.

'The world needs to go to the 450 part per million (ppm) target, not only because of climate change but because of growing problems within our energy system and its possible implications again on the economy,' Birol said. ...

Birol cited as an example the energy bill paid each year by the European Union which would more than double to $500 billion by 2030, up from $160 billion in the last 30 years, he said."

Muriel Boselli reports for Reuters November 10, 2009.

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"Cost of Extra Year's Climate Inaction $500 Billion: IEA" (Reuters)