The International Energy Agency (IEA) on Tuesday reaffirmed that the goal of limiting global warming to 1.5 degrees Celsius is still within reach, thanks to record growth in key clean energy technologies but it requires additional funds and increased global co-operation.
The agency said that a more robust and immediate action is necessary in this decade to stay on course. The updated roadmap sets ambitious targets. It emphasises on tripling global renewable power capacity to 11,000 GW by 2030. Additionally, it advocates for universal access to modern forms of energy by 2030 through an annual investment of approximately $45 billion, equivalent to just over 1 percent of the energy sector's total investment.
The roadmap also includes reducing energy sector methane emissions by 75 percent. These strategies, based on proven and cost-effective technologies, collectively contribute over 80 percent of the required emissions reductions by the end of the decade, it added.
IEA Executive Director Fatih Birol said, "Keeping alive the goal of limiting global warming to 1.5°C requires the world to come together quickly. The good news is we know what we need to do – and how to do it." He underscores the imperative of international cooperation, urging governments to prioritise climate action over geopolitics due to the magnitude of the challenge.
The key driver of emissions reduction in the roadmap is a significant scaling up of clean energy capacity, leading to a 25 percent decrease in fossil fuel demand by 2030 compared to the peak levels observed in 2022, the report added.
By 2050, fossil fuel demand is expected to plummet by 80 percent. Consequently, the roadmap envisions no need for new long-lead-time upstream oil and gas projects, new coal mines, mine extensions, or unabated coal plants. However, continued investment in some existing oil and gas assets and approved projects remains essential to ensure a smooth transition.
The report also says that to reach the set target by 2050, most countries will have to advance their targeted net-zero dates. With the differential timelines proposed in the report, the developed economies are leading the way in achieving net zero in 2045, followed by China in 2050 and the other emerging markets and developing economies after 2050.
This comes a week after UK Prime Minister Rishi Sunak announced a shift in strategy towards achieving the country’s net zero climate action targets, including a delay of five years in imposing a proposed ban on petrol and diesel cars to 2035.
Meanwhile, India's set target to be net zero by 2070, is further than most developed nations target but the country remains on track to achieve along with its 2030 target of achieving 500 GW of renewable energy capacity.
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