(FILES) This photo taken on October 16,

Global energy investment requirements through 2035 amount to $2.5 trillion annually, with $40 trillion devoted to maintaining current supply levels and developing incremental sources to meet anticipated demand. An additional $8 trillion is needed for energy efficiency measures, according the to the OECD’s energy watchdog. [International New York Times]

The EPA’s newly-released plan to cut US carbon emissions by 30% compared to 2005 levels by 2030 looks set to increase the number of natural gas-fired power plants needed to supply the country as coal and nuclear plants shutdown, but without incentivizing the advancement of carbon-capture and storage technology, the regulation could fall short in its climate change mitigation efforts. [Scientific American]

Fighting between Russia and Ukraine intensified over the past week with a considerable number of reported casualties on both sides. Against this violent backdrop, the natural gas pricing dispute between Gazprom and Naftogaz drags on with the Russian firm granting a week-long extension on paying the estimated $5 billion bill run up by Naftogaz. Gazprom increased the rates it charges its Ukrainian counterpart in the wake of recent political and military tension and the bill is reportedly increasing by $1 billion per month. Gazprom responded to Naftogaz’ $786 million payment made earlier this week by granting the extension on the balance and agreeing not sue the Ukrainian state company “during the coming week.” The European Commission is seeking a debt payment deal that would keep gas flowing to and through Ukraine until at least June 2015. [Reuters]