IEA: Stopping new oil and gas investment globally will achieve net zero emissions

According to a report from Trade Arabia on May 19, the International Energy Agency (IEA) stated in a new report that the more than 400 milestone measures that will lead the world to achieve net zero emissions by 2050 will start today.

The landmark special report "Net Zero Emissions in 2050: A Roadmap for the Global Energy Sector" added that by 2035, sales of new internal combustion engine passenger vehicles will cease, and by 2040, the global power sector will reach net zero emissions.

In the short term, the report describes a net-zero development path that requires immediate large-scale deployment of all available clean and efficient energy technologies, and vigorously promote accelerated innovation on a global scale.

By 2030, most of the reduction in global carbon dioxide emissions will come from currently available technologies.

The International Energy Agency stated that there is a viable path to establish a net-zero-emission global energy sector by 2050, but this path is very difficult and requires unprecedented changes in the production, transportation and use of global energy.

The climate commitments made by governments so far, even if they are fully realized, are far below the requirement to reduce global energy-related carbon dioxide emissions to zero by 2050 and limit the increase in global temperature to 1.

This world's first comprehensive study on how to transition to a net-zero energy system in 2050, while ensuring a stable and affordable energy supply, can provide a wide range of energy supplies, and promote strong economic growth.

IEA Executive Director Fatih Birol said: “Our roadmap shows the priority actions that need to be taken today to ensure the chance of achieving net zero emissions by 2050.

Wang Jiajing excerpted from Trade Arabia

The original text is as follows:

Stop new coal, oil & gas investments to attain net zero: IEA

The more than 400 milestones to guide the global journey to net zero by 2050 include, from today, no investment in new fossil fuel supply projects, and no further final investment decisions for new unabated coal plants, said the International Energy Agency (IEA) in a new report.

By 2035, there are no sales of new internal combustion engine passenger cars, and by 2040, the global electricity sector has already reached net-zero emissions, added the landmark special report “Net Zero by 2050: a Roadmap for the Global Energy Sector” .

In the near term, the report describes a net zero pathway that requires the immediate and massive deployment of all available clean and efficient energy technologies, combined with a major global push to accelerate innovation.

Together, this is four times the record level set in 2020.

Most of the global reductions in CO2 emissions between now and 2030 in the net zero pathway come from technologies readily available today.

This demands that governments quickly increase and reprioritise their spending on research and development – ​​as well as on demonstrating and deploying clean energy technologies – putting them at the core of energy and climate policy.

The world has a viable pathway to building a global energy sector with net-zero emissions in 2050, but it is narrow and requires an unprecedented transformation of how energy is produced, transported and used globally, the IEA said.

　　Climate pledges by governments to date – even if fully achieved – would fall well short of what is required to bring global energy-related carbon dioxide (CO2) emissions to net zero by 2050 and give the world an even chance of limiting the global temperature rise to 1.

　　The report is the world's first comprehensive study of how to transition to a net zero energy system by 2050 while ensuring stable and affordable energy supplies, providing universal energy access, and enabling robust economic growth.
It sets out a cost-effective and economically productive pathway , resulting in a clean, dynamic and resilient energy economy dominated by renewables like solar and wind instead of fossil fuels.
The report also examines key uncertainties, such as the roles of bioenergy, carbon capture and behavioural changes in reaching net zero.

　　"Our Roadmap shows the priority actions that are needed today to ensure the opportunity of net-zero emissions by 2050 – narrow but still achievable – is not lost.
The scale and speed of the efforts demanded by this critical and formidable goal – our best chance of tackling climate change and limiting global warming to 1.
5C – make this perhaps the greatest challenge humankind has ever faced," said Fatih Birol, the IEA Executive Director.

　　"The IEA's pathway to this brighter future brings a historic surge in clean energy investment that creates millions of new jobs and lifts global economic growth.
Moving the world onto that pathway requires strong and credible policy actions from governments, underpinned by much greater international cooperation.
"