Expert: Rebalancing global economy means more energy to developing economies

LONDON (Xinhua) — A profound rebalancing of the global economy requires increasing levels of energy and amounts of raw materials for developing countries, Pierre Gadnonneix, head of World Energy Council said here on Tuesday.

Speaking at the opening ceremony of the two-day FT-WEC Energy Leaders Summit, the WEC chairman said: “The IMF estimates that by 2012, developing countries will be producing more than 50 percent of global growth, which requires increasing levels of energy and amounts of raw materials for developing countries to support their growth.”


This shift is so rapid that it has created lasting tensions on energy prices because capacity has not kept up with demand, the WEC chief said.

Each day there are 200,000 more people on the earth, and these people want to live a better life than their parents, which helps make energy demands to increase by up to 50 percent between now and 2030, Gadnonneix said.

Xinhua