PARIS, Oct. 19 (Xinhua) -- The ministerial meeting of the International Energy Agency (IEA) on Wednesday resolved in Paris to address global energy challenges.
"No country can achieve energy security, economic development and environmental sustainability alone," Ministerial Chair Martin Ferguson, Australian Resources and Energy Minister said in his closing speech of the meeting.
Besides the IEA's 28 member countries, nine partner countries, namely Brazil, China, India, Indonesia, Mexico, Russia, South Africa, Chile and Estonia also sent delegates to attend the two-day meeting, during which India and Russia signed Memorandum of Understanding of closer cooperation with the IEA.
"Co-operation with Member and Partner countries, the private sector and international bodies" was of vital importance to address global energy challenges, Ferguson said.
According to IEA projections during the biennial meeting, non-OECD countries will account for 90 percent of the growth of global energy demand by 2035, when the total demand is expected to increase by a third from now.
Meanwhile, the IEA ministers also stressed the importance of fair energy access.
"We must also recognize that energy is vital to lifting people out of poverty and improving their standard of living," Ferguson said.
Given the setback of nuclear development after Japan's Fukushima Dai-ichi plant was damaged in this year's earthquake and tsunami, the IEA predicted that fossil fuels consumption would dominate the increase in energy demand, and that coal would continue to be the world's fastest growing energy source for some time with a rise of two-third in two decades.
But in the meantime, the ministers noted nuclear energy was still important for cleaner energy mix.
Nuclear energy now provides 14 percent of the world's electricity, IEA data showed.
Looking forwards, the ministers called for more investment to meet energy supply infrastructure needs, expecting that "the bulk of which will come from the private sector."
The IEA predicted the energy industry would need some 40-trillion-U.S. dollars in global investment from now until 2035 -- two thirds in emerging economies to meet growing energy demand.
Vowing to work with the IEA and partner countries, the ministers resolved to fully use "the tools and the political will" to reform the present energy system by increasing "substantially the share of renewable and other low-carbon sources," to ensure "a sustainable, secure, affordable energy supply," the ministers said in a final statement.