2023-09-26 05:11:09 ET
Getting to net zero emissions by 2050 requires rapid and deep cuts in emissions of carbon dioxide and other greenhouse gases, particularly methane, by 2030, and delaying these cuts will make it impossible to achieve the net zero target, the International Energy Agency (IEA) said.
Strong domestic policies and increased investment in clean energy are needed to reduce global fossil fuel demand by more than 25% by 2030 and 80% in 2050, according to the IEA's updated roadmap to achieving net zero emissions by 2050.
Investment in clean energy needs to climb to around $4.5 trillion a year by the early 2030s, from $1.8 trillion level seen in 2023.
"The speed of the rollout of key clean energy technologies means that the IEA now projects that demand for coal, oil and natural gas will all peak this decade even without any new climate policies," the agency said.
The IEA said no new long-lead time upstream oil and gas projects are needed as per its updated roadmap, but continued investment is required in existing oil and gas assets and already-approved projects.
"In an era of international tensions, governments need to separate climate from geopolitics," said Fatih Birol, executive director at IEA regarding the shared goal of limiting global warming.
Birol stressed that the IEA's updated roadmap doesn't mean net zero by 2050 for every country, as "advanced economies reach net zero sooner to allow emerging and developing economies more time."
To limit global warming to 1.5 °C, IEA said emissions need to decline by 80% in advanced economies and 60% in emerging market economies by 2035 compared to the 2022 level.
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IEA warns delaying emission cuts will make it impossible to meet net zero target