The @IEA pathway leads to a global energy system in 2050 dominated by clean energy:
➡️ Solar is the single largest source of global energy
➡️ Renewables provide almost 90% of electricity
➡️ One-fifth of that electricity is used to produce hydrogen
Our net zero pathway sees a historic surge in clean energy investment to $4 trillion in 2030. This creates millions of jobs & helps lift global economic growth by 0.4 percentage points a year in the 2020s.
The pathway has no need for investment in new fossil fuel supply projects
Net zero by 2050 requires massive deployment of available clean & efficient energy technologies this decade.
By 2030, annual additions of solar & wind have to reach 4 times last year's record.
Energy efficiency improvements need to triple the average rate of the last 2 decades.
Most of the reductions in CO2 emissions through 2030 come from technologies already on the market. But in 2050, almost half come from technologies that, while known, are still in development now.
Big leaps in innovation are needed by 2030 to get these technologies ready in time.
The transition to net zero by 2050 is for & about people. It must be fair & inclusive.
In our pathway, 14 million jobs are created by 2030 in clean energy supply. But careful policy attention is needed to minimise hardships for workers in fossil fuel sectors where jobs are lost.
Energy security evolves in the transition to net zero:
➡️ As oil demand declines, supply becomes more concentrated among a small number of producers
➡️ Risks around critical mineral supplies require attention
➡️ Electricity systems need to become more flexible & cyber resilient
Moving the world towards net zero by 2050 requires strong policy actions from governments – working together to tackle challenges that span regions.
In the absence of greater international cooperation, it will take several decades longer to reach net-zero emissions globally.
Our report shows a looming mismatch between the world’s strengthened climate ambitions & the availability of critical minerals that are essential to realising those ambitions
Governments need to act now & act together to reduce the risks of price volatility & supply disruptions
BIG NEWS: Despite falling 6% in 2020 as a whole, global energy-related CO2 emissions rebounded over the course of the year from an April low and rose above their 2019 level in December
Our numbers indicate a return to carbon-intensive business-as-usual ➡️ iea.li/3q8hD0u
Major economies led the worrying resurgence in CO2 emissions, with China, India & Brazil all above 2019 levels by the end of the year – and the US approaching them.
This is a stark reminder of the urgent need to accelerate global clean energy transitions: iea.li/3dXA6dS
Global emissions fell by almost 2 billion tonnes in 2020, the largest absolute decline in history. Most of this was due to lower use of oil for road transport & aviation.
As travel & economic activities pick up around the world, oil consumption & its emissions are rising again.
India is set to see the largest rise in energy demand of any country in the next 20 years. How it meets this increase will have major consequences for its people, its economy and global energy & climate trends.
The bright prospects of the sector are reflected by continued strong appetite from investors.
This is made clear by shares of solar & wind energy companies outperforming the rest of the energy sector, and by the record level of renewable power capacity auctioned in 2020.
There's lots of talk about peak oil demand, but it misses the point.
#WEO20 shows that the era of global oil demand growth will end in the next decade. But without a big shift in government policies, there's no sign a rapid decline is coming.