International Energy Agency releases World Energy Outlook report for 2015

The International Energy Agency (IEA) issued their World Energy Outlook (WEO) 2015 report on Tuesday.

The report indicates in its central scenario that global energy demand is expected to grow by approximately 33 percent between 2013 and 2040 that, they said, is largely driven by developing countries. In this scenario, markets are also expected to change their energy generation structure to increase the amount energy efficiency technologies, including nuclear power and renewable sources of energy.

China is expected to be increasing its nuclear generating capacity: the World Nuclear Association reports that the country will reach 150 gigawatts of nuclear generation capacity by 2050.

"As the largest source of global greenhouse-gas emissions, the energy sector must be at the heart of global action to tackle climate change," IAE Executive Director Fatih Birol said. "World leaders meeting in Paris must set a clear direction for the accelerated transformation of the global energy sector. The IEA stands ready to support the implementation of an agreement reached in Paris with all of the instruments at our disposal, to track progress, promote better policies and support the technology innovation that can fulfill the world's hopes for a safe and sustainable energy future."

The IEA also said that renewable sources of energy are anticipated to become the leading source of new global energy supply.