Governments around the world must spend $45 trillion (£23trn) if they are to halve carbon emissions by 2050, according to a leading energy watchdog, as it called for an "energy revolution". If current policies are maintained, CO2 emissions will more than double, The International Energy Agency (IEA) warned.

It also warned that oil demand will rise by 70 per cent over the same period if governments fail to act, on the day that oil prices leapt once more – up more than $11 a barrel to a record above $139 – as a Morgan Stanley analyst predicted they could reach $150 a barrel in a month's time. ... Read full article