The International Energy Agency, in its first net-zero emissions roadmap, said that massive deployment of renewable energy is needed to achieve net-zero emissions by 2050. IEA’s “Net Zero by 2050” report said that more countries have pledged to achieve carbon neutrality by the middle of the century. However, even if those commitments are met, there will still be 22 billion tons of CO2 emissions globally in 2050, which would lead to a temperature increase of around 2.1 degrees Celsius by 2100.
IEA said that renewable energy should account for 90% of the world’s electricity generation, with nuclear power contributing to the remainder. Solar photovoltaic installations should reach 630 GW by 2030, and wind power needs to expand to 390 GW. This represents four times the annual record of new renewable capacity additions set in 2020. Investment and development of new technologies such as direct air carbon capture and green hydrogen will also help the world’s emissions reduction.
On the other hand, IEA calls for a steep reduction in fossil fuel investment. In the report, the agency said that the world needs to approve no new oil and gas field developments except those already committed by this year. Under its Net-Zero Emission scenario, global sales of conventional passenger cars would need to be banned around 2035. It also requires electric cars to contribute to about 60% of global car sales in 2030. EVs or fuel cell vehicles are also required to account for 85% of heavy-duty truck sales in 2040.
