World must spend extra $1.3tln on energy: JP Morgan

STORY: The world needs to invest an extra $1.3tln in energy production, according to JP Morgan

In its first annual energy outlook, the U.S. bank warns of an energy crunch

Saying energy demand growth will far exceed growth in supply by 2030

A boom in emerging economies is seen as the driver

The report also says new investment will have to include fossil fuels

JP Morgan Outlook, quote:

"Until scalable, reliable, clean and affordable technologies are available, the world will need to work with all of the current sources of energy - fossil and non-fossil - and their respective drawbacks."

JP Morgan says solar and the like can’t replace oil for industrial needs

But on a longer scale it says the world will transition to safer, cleaner energy

and that, long term, this might only be provided by nuclear fusion

The report says global end-use spending on energy will hit 9.5% of GDP in 2022, up from about 8.4% in 2019

It warns that any further increase could lead to social unrest

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