World 'faces first truly global energy crisis', report says
The Paris-based agency calculated the value of government spending to protect customers from price rises currently stands at $550bn worldwide, and is set to rise further, particularly in the UK and Germany.
The IEA predicts that Russia's share of global energy trade will fall from 20% currently to 13% by 2030. It points out that while the pain is spread around the world - stoking the rising cost of living and creating inflationary pressures - it's the poor who will suffer the most because they spend more of their income on energy . Many will lose access to electricity altogether.It gives short shrift to the idea that investment in "clean" energy such as renewables might be partially responsible for high prices.
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