FENY - No new oil and gas projects for world to reach net-zero by 2050 - IEA

"Investment in new fossil fuel supply projects must cease immediately" if the world is going to cut net carbon emissions to zero by 2050, the International Energy Agency says in a new report that calls for huge investments in clean energy.Aside from severe cuts in fossil fuel consumption, the IEA calls for an unprecedented jump in spending on low carbon technologies to ~$5T in annual energy investments by 2030, up from $2T today.Hitting the net-zero target would require a rapid acceleration of wind and solar capacity and the end of sales of new gasoline-powered vehicles by 2035, while electric vehicles would need to increase from 5% of global car sales today to more than 60% by 2030, the report says.Some of the world's biggest oil producers including BP, Shell and Total have unveiled plans to cut their dependence on fossil fuels and invest more in lower-carbon energy, but the IEA's

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No new oil and gas projects for world to reach net-zero by 2050 - IEA