Solar, wind and electric vehicles are moving towards a new clean energy world, but too slow to push emissions into a steady decline toward “net zero” levels. Pollution Dangerous global warming needs to be curbed.
As it publishes its annual World Energy Outlook report, the IEA is calling for an increase in annual investment in clean energy and infrastructure to around US$4 trillion (£2.9 trillion) by 2030 to help the world reduce temperature rise by 1.5%. To be brought on the track to be limited to C. , beyond which the worst effects of climate change will be felt
The report warns that 2021 is likely to see a major rebound in coal and oil use – and the second-largest annual increase in carbon emissions on record, in the aftermath of the Covid-19-induced slowdown and growth in renewable and electric cars. Growth.
The IEA said the new commitments placed on the table by countries for Cop26 will begin to flatten the emissions curve if implemented fully and in a timely manner, replacing renewable energy coal and electric vehicles with a peak in oil use in 2025. But will take But more needs to be done to implement them.
And the scenarios described in the report suggest that the announced pledges fall far short of the emissions reductions needed to bring the world to net zero emissions by mid-century – which it must do to avoid warming above 1.5C.
The report highlights four key measures to close the gap between pledges and the path to 1.5C over the next decade, and to further reduce emissions after 2030.
They are: a major additional push for clean electricity, with the doubling of solar and wind power and the rapid phase-out of coal; “tireless focus” on energy efficiency; a campaign to cut methane emissions from fossil fuel operations; And a big boost to clean energy innovation.
The report warns of further turbulence for energy markets, as the world is not investing enough to meet future energy needs, and called on governments to phase out coal on jobs and power security. The effect must be dealt with.
But it said the energy transition could provide a cushion against oil and gas price shocks for consumers, if given help to manage the upfront cost of new technology.
And by 2050 there was a prize of more than one trillion US dollars for manufacturers of wind turbines, solar panels, batteries and other clean technology – comparable in size to the current global oil market, it said.
IEA Executive Director Fatih Birol said: “The world’s extremely encouraging clean energy momentum is running against the stubborn power of fossil fuels in our energy systems.
“Governments need to address this by giving clear and unmistakable indications on Cop26 that they are committed to rapidly advancing the clean and resilient technologies of the future.
“The social and economic benefits of accelerating the clean energy transition are enormous, and the cost of inaction is enormous.”
He added: “Today’s climate pledges will result in only the 20 percent reduction in emissions by 2030 that is needed to drive the world toward zero zero by 2050.
“Getting that path requires more than threefold investment in clean energy projects and infrastructure over the next decade.”
The report is published ahead of Cop26 later this month, where world leaders are under pressure to step up their ambition and action to tackle climate change.
Christian Aid’s head of climate policy, Dr Kat Kramer, said the report gave the world a failed “F” for the energy transition, as countries and communities were already suffering from the “deadly effects” of climate change.
“Governments and industries around the world need to rapidly end all fossil fuel use in a way that ensures a fair transition for workers and communities, and ensures that the 1.1 billion people globally whose Those still do not have access to modern energy, they may leap into dirty development paths,” she urged.