1.5C goal only feasible with multi-trillion investment – IEA
Date: September 26th 2023
Author: Rachael Burnett, Montel
Global investment of USD 4.5 trillion/year is needed by the early 2030s to limit global warming to 1.5C, the International Energy Agency (IEA) said on Tuesday.The world was set to invest a record USD 1.8 trillion into clean energy this year, it added in a new report.
However, this must climb to around USD 4.5 trillion a year by the early 2030s to achieve net-zero emissions and limit global warming to 1.5C, it said.
Emissions to peak
This was 1% above pre-pandemic levels but emissions “are set to peak this decade”, it added.
There had been positive developments over the past two years, including solar installations and electric car sales in line with hitting net zero by 2050, the report said.
“Ramping up renewables, improving energy efficiency, cutting methane emissions and increasing electrification with technologies available today deliver more than 80% of the emissions reductions needed by 2030,” it added.
Tripling global renewables capacity to 11,000 GW by the end of the decade would provide the largest emissions cut, it said.
The world did not need any new upstream oil and gas projects with long lead times, new coal mines or mine extensions, as well as new unabated coal plants, the IEA said.
However, it added that continued investment would be required in some existing oil and gas assets and already approved projects.
This article is available also in Slovene.