The International Energy Agency (IEA) has warned in its 2012 edition of the World Energy Outlook that global energy demands are set to grow with India, China and West Asia accounting for 60 per cent of the increase.

A large percentage of this increase will be in the area of fossil fuels which received subsidies to the tune of $ 523 billion in 2011, up almost 30 per cent from 2010 and six times more than subsidies being given to renewables.