The IEA said, assuming a 3.3% global growth rate during 2010-2050, governments and the private sector would need to invest $45 trillion - - or about three times the annual gross domestic product of the United States - - in energy. During those decades, it recommends building at least 32 new nuclear plants and 17,000 wind turbine units annually; and carbon-capturing 35 coal plants and 20 gas-powered plants annually.

Rising global energy demand

Economist Glen Langan, who underscored that he had not had a chance to review the IEA's report, due to travel, told BloggingStocks Friday a 70% increase in global oil demand is inconsistent with the goal of 3% global GDP growth. "An oil consumption increase of that size would price oil out of the range of practical use," Langan said. "We've seen how much the price of oil has risen with the addition of the Asian economies, so one can only imagine what price it would trade at with a 70% increase in demand from current levels. It's kind of hard to wrap your mind around it."

Nevertheless, Langan noted that the report points to "the undeniable reality" of large increases in global energy needs in the coming decades, due to globalization, over a relatively short time. That necessitates an increase in the use of nuclear power, along with wind/solar and other technologies, he said.

"Short-term, there's no way we can meet electric power needs and begin to stem the rise in world temperatures without nuclear power, unless there's some magical way to reduce global electricity demand by about 50%, which is not going to occur," Langan said. "Thirty, forty years down the road, other technologies may appear to displace nuclear, but short-term there's a large electric power gap that nuclear power has to fill."