The International Energy Agency published its latest World Energy Outlook last week, and the report outlines several global energy scenarios to 2035 – highlighting possible implications for energy supply, demand, technology, emissions and investments.

As we review and assess some of the key conclusions in the report – which I’ll talk about in future posts – it’s clear we agree with the IEA on a couple of their most fundamental conclusions.  First, global energy demand is going to increase dramatically, driven primarily by China and other rapidly developing countries.  And second, oil and natural gas will continue to play central roles in meeting growing energy needs.

According to the IEA, China is going to be the key driver of global energy demand growth over the next few decades. Of all the energy demand growth from 2008 to 2035, China is projected to account for more than a third of it. And, its demand for electricity will triple. “It is hard to overstate the growing importance of China in global energy markets,” the IEA said.

In our own Energy Outlook, we show the growing impact that China, India and other fast-developing nations have in driving rising global energy demand. For those familiar with China’s economy, it may seem strange to call it a “developing” nation – and in many ways China has now far surpassed such a description. But the fact remains that large portions of the population there are still striving for the access to energy that allows for better standards of living.

That drive for progress fueled by modern energy supplies is a story that’s going to be played out in developing countries throughout Asia, South America, the Middle East and elsewhere. And with it comes one of the greatest challenges associated with growing energy demand – rising emissions.

No single energy source can address this dual challenge. Instead, we’ll have to invest in all economic energy sources to meet growing demand.  We’ll also have to develop new technologies to continue improving energy efficiency and reducing emissions, as well as increasing the use of cleaner-burning fuels. Natural gas is one of those fuels, and the IEA noted that it will be the fastest growing major energy source to 2035.  The IEA also expects global oil demand will continue to grow, led by rising transportation demands.

The scale of the financial challenge to meet growing energy needs can’t be underestimated. The IEA has projected that meeting the world’s rising energy needs may well require energy-supply infrastructure investments totaling close to $33 trillion over the period 2010-2035. To enable investments of such magnitude, governments around the world need to play their part by creating sound, stable and unbiased policies that encourage open and fair competition for development and production of all energy types. In turn, the energy industry will play its part by investing in the technology and expertise to deliver these resources safely and efficiently to global markets.

You can access the key findings from the IEA’s World Energy Outlook on its website, and keep checking my blog for the release of ExxonMobil’s new Energy Outlook in the next few weeks.