The International Energy Agency (IEA) emphasizes that achieving net zero by 2050 is still possible, but it will require substantial reductions in fossil fuel usage and increased investment in clean energy technologies. According to a new report by the IEA, a 25% decline in fossil fuel usage by 2030, coupled with no new investments in fossil fuel projects, is essential for the world to attain carbon neutrality by 2050.
The report highlights that clean energy investments are projected to reach a record $1.8 trillion in 2023. However, for net zero to become a reality, this figure needs to rise to $4.5 trillion annually by the early 2030s.
"The effects of climate change are becoming more frequent and severe, with August 2023 breaking temperature records by a significant margin, making it the hottest month on record after July 2023," states the report. Scientists' warnings regarding the perils of our current trajectory have grown stronger than ever.
Fortunately, many of the technologies required for decarbonization already exist. The IEA emphasizes the importance of reducing methane emissions, improving energy efficiency, and deploying these readily available clean technologies. Together, these measures can deliver over 80% of the necessary emissions reductions by 2030.
The report specifically recommends tripling renewable energy capacity, aiming to deploy 11,000 gigawatts of wind and solar power by 2030. Furthermore, modernizing electricity grids will facilitate this transition.
While developed countries are making progress towards their net-zero goals and are expected to achieve 85% of their contribution, more support is needed for emerging-market economies.
The report highlights that reducing methane emissions is crucial. Additionally, it states that doing so is cost-effective. Eliminating 75% of methane emissions from oil and gas operations would only require an investment of $75 billion, which is equivalent to just 2% of the industry's net income in 2022.
The IEA warns that unless efforts to reduce methane emissions from fossil fuel supply are made, global energy sector CO2 emissions would need to reach net zero by approximately 2045.
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