Radical change needed en route to net-zero, IEA warns
Energy companies must stop new oil and gas projects and undergo "radical change" in order to meet the climate goals set out by the Paris Climate Agreement, according to the latest report by the International Energy Agency (IEA).
The Paris-based NGO lays out what is necessary in order to reach the 1.5°C targets set out by the PCA in its "Net-zero by 2050" report, including targets towards complete carbon neutrality.
Renewable energy has seen significant strides over the last 18 months, but significant steps still need to be taken in order to outpace the demand for traditional fossil fuels, the report states.
Read more: Global renewable capacity sees 45% climb for 2020
While the number of governments pledging towards the net-zero goal continues to grow, a number of steps still need to be taken to further bring down global carbon emissions.
Outside of significantly lowering fossil fuel consumption, increases in cheap carbon capture technology - around $5 trillion in investments - and a complete divestment of coal will be required, the reports owners hint.
The report also aligns with a number of European markets - primarily the UK and Portugal - in suggesting a complete halt to the sale of traditional combustion engines and a push towards greater electrification and charging accessibility by 2035.
It also expects the global electricity sector to be completely carbon-neutral by 2040.
"The scale and speed of the efforts demanded by this critical and formidable goal," according to Fatih Birol, the IEA's executive director. "Our best chance of tackling climate change and limiting global warming to 1.5°C make this perhaps the greatest challenge humankind has ever faced."
He added: "Moving the world onto that pathway requires strong and credible policy actions from governments, underpinned by much greater international cooperation.”
In total, the report details 400 milestones that must be achieved in order to reach the PCA's goals.
The report hints that renewables may completely outpace traditional fossil fuels within the next five years.
It details a number of pathways that could be deployed in the immediate future in order to ease the burden on future applications of greener technologies. One example is an annual increase in solar PV of around 630 GW by 2030 and 390 GW in new wind energy within the same period.
This puts the necessary increases far above the current projections within any global market.
Other research has suggested significant strides in wind energy capacity will be needed to meet these goals and the sector is facing a crisis over a lack of new projects being greenlit which may put it behind.
Read more: Global wind power must triple by 2030 to achieve net-zero targets
The IEA claims the current level needs to increase fourfold by the end of the decade.
Technological advancements will also be necessary, the IEA claims. The report details at least half of emissions reductions expected to be in place by 2050 will come from technologies currently in the prototype or demonstration phase.
It is likely increased government demand will see these technologies realised and will see them reprioritise spending on research and development.
Progress in the areas of advanced batteries, electrolysers for hydrogen, and direct air capture and storage can be particularly impactful, the report states.
Key global players are beginning to set themselves strict climate goals.
The US recently greenlit its first-ever major wind farm, an 800MW project to be located off the coast of Massachusetts.
Read more: Biden approves US's first major wind farm
This comes in stark contrast to his predecessor, a firm climate change denier, who furthered fossil fuels during his time in office.
German Chancellor Angela Merkel recently rejected demands to bring forward the nation's deadline for ending coal generation. This comes a few weeks after the EU sought to enshrine the European Green Deal into law.
The issue of the net-zero initiative will be a hot topic in this year's COP26 summit to be held in Glasgow in November following on from the PCA being signed at the last summit, held in 2015.
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