Now is the time to act, according to a recent study from the International Energy Agency (IEA), which claims that the world’s energy systems must undergo “a complete transformation” if it is to achieve net-zero emissions by 2050 and mitigate the worst effects of climate change.
The study, which guides zeroing out carbon emissions by minimizing or eliminating them through technologies such as carbon capture, calls for a series of ambitious steps and aggressive deadlines. Governments should refuse to authorize any new oil and gas fields, as well as any new unabated coal power plants, by the end of 2021, according to the International Energy Agency report.
Clean energy, led by solar and wind power, will dominate the world’s electrical systems by 2050, according to the International Energy Agency. To achieve that target, the agency proposes a record amount of new investments, totaling $4 trillion by 2030. In addition, the amount of new solar and wind electrical capacity installed per year would quadruple from its current level, which was set in 2020.According to Birol, even as the number of countries committing to strive for net-zero emissions has increased, global greenhouse gas emissions have increased.