According to the IEA, 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 new report, Net Zero by 2050: a Roadmap for the Global Energy Sector, stated that even if fully achieved, current climate pledges by governments would fall short of what is required to bring global energy-related CO2 emissions to net-zero by 2050 and give the world an even chance of limiting the global temperature rise to 1.5 degrees Celsius.
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 behavioral changes in reaching net-zero.
"Our roadmap shows the priority actions that are needed to ensure the opportunity of net-zero emissions by 2050 is narrow, but still achievable," said IEA Executive Director Fatih Birol.
The roadmap sets out more than 400 milestones to guide the global journey to net-zero by 2050. These include no investment in new fossil fuel supply projects and no further final investment decisions for new unabated coal plants.
“Any pathway to net-zero must include continued innovation and use of natural gas and oil.”— Stephen Comstock, API
In response to the IEA report, API Vice President of Corporate Policy Stephen Comstock said, "As laid out in our Climate Action Framework, the industry shares the goal of a lower-carbon future, and its engineers and scientists are partnering with experts across the world on a host of advanced technologies like carbon capture, utilization and storage; hydrogen; and cleaner fuels to ensure a cleaner energy future. As policymakers consider climate targets, it is essential to implement effective and achievable measures that drive further emissions reductions, while at the same time ensuring adequate affordable and reliable energy to meet growing global needs. Scenarios where demand is projected to outstrip supply could deepen energy poverty and stifle innovation and progress.
"IEA itself regularly acknowledges that half the technology to reach net-zero has not yet been invented. Any pathway to net-zero must include continued innovation and use of natural gas and oil, which remain crucial to displacing coal in developing nations and enabling renewable energy. Our industry is committed to shaping a cleaner future by advancing technologies and policymaking to reduce emissions while providing the affordable, reliable energy modern life depends on."
For more information, visit www.iea.org or www.api.org.
