Global net zero by 2050 can be achieved but will require additional funding and cooperation: IEA

The International Energy Agency (IEA) reaffirmed on Tuesday that the target of limiting global warming to 1.5 degrees Celsius is still achievable due to record development in important clean energy technologies, but that it still calls for more funding and stronger international cooperation.

According to the agency, to stay on track in this decade, strong and quick action is required. The revised strategy has ambitious objectives. It places a focus on tripling the world's capacity for renewable energy to 11,000 GW by 2030. It also advocates for a yearly investment of around $45 billion, or little more than 1% of the entire investment in the energy industry, to achieve universal access to modern energy sources by 2030.

The strategy includes a 75% reduction in methane emissions from the energy sector. By the end of the decade, these methods, which are based on tested and affordable technology, will have contributed more than 80% of the necessary emissions reductions.

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 prioritize climate action over geopolitics due to the magnitude of the challenge.

The research stated that the primary driver of emissions reduction in the strategy is a considerable expansion of clean energy capacity, which would result in a 25% drop in fossil fuel consumption by 2030 compared to the peak levels seen in 2022.

Demand for fossil fuels is anticipated to fall by 80% by 2050. There will thus be no need for more long-term upstream oil and gas projects, new coal mines, mine expansions, or unabated coal plants, according to the strategy. To guarantee a smooth transition, however, ongoing investment in a few approved projects and existing oil and gas assets is still necessary.

According to the report, most nations would have to move up their projected net-zero dates to meet the 2050 target. Following China in 2050 and the other emerging markets and developing countries after 2050, according to the numerous dates suggested in the paper, the developed economies would achieve net zero in 2045.

India has set a goal of being net zero by 2070, which is further than the goals of the majority of developed nations, but it is still on course to do so, coupled with its 2030 goal of attaining 500 GW of renewable energy capacity.