#WEO2021 is out!

Before a crucial #COP26, it shows that while climate ambitions have never been higher, energy transitions have a long way to go

Governments must give the signal that they will drive a wave of investment in a #NetZero future

Our report: iea.li/3iXLxnx
The encouraging news is that a New Energy Economy Is Emerging

#WEO2021 shows that pursuing #NetZero can create a market opportunity for equipment like batteries & wind turbines worth over $1 trillion a year by 2050 – similar to today's oil market

More: iea.li/3oVAVJR
If governments fully deliver on the climate pledges they have announced so far, it would limit global warming to 2.1 C.

Not enough to solve the climate crisis, but enough to change energy markets, including oil – which would peak by 2025 – and solar & wind, whose output soars.
Approvals of new coal power plants fall sharply if governments follow through on their announced climate pledges.

And China’s announcement that it will stop building new coal plants abroad could result in further cancellations, saving 20 gigatonnes of emissions through 2050.
Despite progress, current climate pledges close less than 20% of the emissions gap between today’s policy settings & a #NetZeroBy2050 path.

Technologies & policies can close this gap by 2030. Over 40% of the actions are cost-effective, like renewables, efficiency & methane cuts.
There's a looming risk of more energy market turmoil.

Oil & gas spending has been depressed by price collapses in recent years. It's geared toward a world of stagnant or falling demand.

But clean energy spending is far below what's required to meet future needs sustainably.
Even as the world shifts to an electrified, renewables-rich energy system, potential energy security vulnerabilities require close vigilance.

Trade patterns, producer policies & geopolitical concerns remain vitally important in areas like critical minerals & hydrogen-rich fuels.
Well-managed transitions to clean energy can cushion consumers from the shock of price spikes for oil & gas.

Policy makers should help households overcome the upfront costs of energy efficiency improvements, like retrofitting homes, and electric solutions, like EVs & heat pumps.
For more insights from #WEO2021 – which is designed to be a handbook to #COP26:

➡️ Explore the report's analysis, which is available for free: iea.li/3iXLxnx

➡️ Join @Laura_Cozzi_ , @tim_gould_ & me for our LIVE launch event at 10:30am CEST iea.li/3mJRB45

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More from @fbirol

20 Jul
We just launched @IEA’s new Sustainable Recovery Tracker to measure how governments’ responses to the Covid-19 crisis are affecting clean energy investment & CO2 emissions.

It shows that only 2% of fiscal support goes to clean energy transitions ➡️ iea.li/2UYzbm9
The amount of total clean energy investment mobilised by governments' recovery measures to date falls far short of what is needed to put global CO2 emissions on a path to reach net zero by 2050.

CO2 emissions are set to rise to an all-time high in 2023 👉 iea.li/3eCajHA
Our new Tracker monitors government spending & the clean energy investment it mobilises on 30+ measures in our Sustainable Recovery Report, covering 800 recovery policies in over 50 countries.

Explore them online today ⬇️ iea.li/3kOwWNd
Read 5 tweets
9 Jun
Our major new report reveals a critical fault line in global efforts to reach climate goals.

In many emerging & developing economies, emissions are rising while clean energy investments are faltering. Money is not going where it’s most needed.

Read more: iea.li/2TTHPSk
Today, emerging & developing economies account for two-thirds of the world's population, but only one-fifth of global investment in clean energy.

Our new report shows that this investment needs to grow more than 7 times by 2030 to over $1 trillion a year to meet net zero goals.
One of our key recommendations: Governments need to give international public finance institutions a strong mandate to finance clean energy in the developing world.

There is no shortage of funds globally, but we need huge efforts to channel them where they can make a difference.
Read 7 tweets
2 Jun
Our new report shows global energy investment is set to rebound nearly 10% in 2021 to $1.9 trillion, reversing most of last year's drop

But the amount going to clean energy technologies is not nearly enough to put us on a path to net zero by 2050

More ➡️ iea.li/3i6Qz1v
Renewables are dominating investment in new electricity generation & are expected to account for 70% of the global total this year.

However, far more is needed – our #NetZero2050Roadmap calls for investment in clean energy to triple by 2030.

Read more 👉 iea.li/3pcGiCf
Spending by some global oil & gas companies appears to be starting to diversify.

@IEA analysis last year showed only around 1% of the industry's investment went to clean energy. Recent trends suggest this may rise to 4% in 2021 – and well above 10% for some European companies.
Read 5 tweets
18 May
The @IEA just released the world’s first comprehensive roadmap for the global energy sector to reach net-zero emissions by 2050.

Our special report shows the pathway to net zero by 2050 is narrow but still achievable if governments act now.

The report ➡️ iea.li/33PDCAD
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

More: iea.li/3orMJRu
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
Read 9 tweets
5 May
Demand for critical minerals is set to soar as the world pursues net zero goals, our new @IEA report shows.

The energy sector’s needs for minerals could rise by as much as 6 times by 2040. Insufficient supplies would risk delays & extra costs.

More ➡️ iea.li/3ef1vrw
The mineral requirements of an energy system powered by clean energy are profoundly different from one that runs on fossil fuels.

For example, an offshore wind plant needs 13 times more mineral resources than a similar sized gas power plant.

Read more ➡️ iea.li/3eWVcYP
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
Read 7 tweets
20 Apr
Global CO2 emissions are set to jump by 1.5 gigatonnes in 2021 – led by a rebound in coal demand mainly from the power sector.

It would be the 2nd largest rise in emissions ever. This economic recovery is anything but sustainable for our climate.

More ➡️ iea.li/3dw4xqX
Global coal demand is expected to rebound by 4.5% this year, taking it higher than in 2019 & close to its 2014 peak.

Coal's growth in 2021, driven by the power sector, is set to be 60% bigger than that of all renewables combined.

Read more from @IEA: iea.li/3eesEtn
Demand for fossil fuels is growing rapidly in 2021, with gas set to rise the most above its 2019 level.

Oil demand is also rebounding fast, but with the aviation sector still sluggish, it is set to stay below its 2019 peak.

Major policy changes are needed to alter these trends.
Read 5 tweets

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