The energy situation is one of the most sensitive and complex in the world and governments have to take the lead on the issue, said the report.
The Energy Security Council said the “peak oil” scenario could cause a range of problems, including an increase in prices and reduced demand for energy, while other effects include higher carbon emissions and more frequent blackouts.
It warned that the “unprecedented” rate of growth of carbon emissions in the 21st century was also threatening the planet.
“The most likely scenario is for peak oil to become the dominant source of global energy in the foreseeable future,” the report said.
The world is now living in a climate that will have consequences for our ability to respond to climate change.” “
This is a dangerous situation.
The world is now living in a climate that will have consequences for our ability to respond to climate change.”
The report found the worst impacts could be felt from “the increased carbon dioxide emissions from fossil fuels, which will lead to an increase of global temperatures and increase in global water scarcity”.
But it said that if governments took the lead, they could mitigate the worst effects.
“There are two ways that the energy system can be improved to improve the future,” it said.
The report said there was “overwhelming evidence” of a “peak in the global supply of carbon dioxide”.
The report’s co-author Dr Kevin Trenberth, an energy expert at the University of New South Wales, said while it was a positive sign that the global economy had slowed down, there was still a long way to go to achieve the goal of limiting global warming to 1.5 degrees Celsius.
Dr Trenbbers said the energy security council recommended governments make “significant investments” in energy security and to ensure the “fossil fuel and carbon-intensive economy” remained viable.
“These investments will be needed to mitigate the adverse effects of the warming climate,” he said.