IMF chief, Christine Lagarde, believes that if nothing is done about climate change, there will be disastrous consequences.

"As I've said before, if we don't do anything about climate change now, in 50 years' time we will be toasted, roasted and grilled," she said last Tuesday, at a panel discussion at the Future Investment Initiative, in Riyadh, Saudi Arabia.

"Decisions are needed at this point in time, which will probably mean that in 50 years' time oil will be a secondary commodity," Lagarde added.

According her, climate change and growing inequalities are two key issues that need to be tackled immediately. "If we don't address those two issues, we will be moving towards a dark 50 years from now," she said.

"Alternatives, electric cars and renewables, are definitely gaining market share, making a lot of progress and we are witnessing that. However, it will be decades before they take a major share of the global energy supply," said for his part Amin Nasser, CEO of Saudi Aramco, also speaking on the same panel.

Fiacre E. Kakpo