The International Energy Agency (IEA), in its first report on the roadmap to reach net-zero emissions by 2050, said the industrial sector needs to adopt carbon capture technology and replace carbon-emitting fuels with green hydrogen. The Paris-based agency said that every month after 2030, carbon capture technology needs to be installed in ten industrial plants.
The agency also said that in the same period, three new hydrogen-based industrial plants would need to be constructed. Industrial sites will also need to add 2 GW of electrolyser capacity for green hydrogen production. Investors will need to increase spending on the energy sector from $2 trillion today to $5 trillion a year by 2030 to reach net-zero emissions by 2050.
IEA had previously supported the fossil fuel industry. However, its latest report marks a stark change of direction toward clean and renewable energy sources. IEA reports also suggested ending investments in oil, natural gas, and coal; increasing the deployment of renewable energy; phasing out coal-fired power plants; and stopping sales of conventional passenger cars.
