An International Energy Agency official says the rapid digitalization of economies and the rise of electric vehicles will make securing future power supplies a major global challenge.
IEA Director of Sustainability, Technology and Outlooks Laura Cozzi spoke at a Japanese government panel discussing revisions to the country’s basic energy plan.
Cozzi says the growth rate of global electricity demand through 2035 is projected at more than six times that of other energy resources, including gasoline.
She says this scenario is prompting more countries to consider extending the life of nuclear power plants or to build new ones.
She added that Russia’s invasion of Ukraine is a factor in this as it has caused a spike in prices of natural gas and other fuel sources.
Japan’s plan will map out the country’s energy mix for producing electricity, including renewables and nuclear, for fiscal 2040. The panel is expected to compile a draft by the year-end.