The International Energy Agency (IEA) has published a report that sets out a global pathway to keep the 1.5°C temperature goal alive. It argues that greater ambition, improved implementation, and stronger international cooperation are critical in helping countries achieve global climate goals.

Titled, ‘Net Zero Roadmap: A Global Pathway to Keep the 1.5°C Goal in Reach,’ the report updates the agency’s 2021 Net Zero Roadmap, taking into account the significant changes the energy landscape underwent in the past two years. These include growth in some clean energy technologies, such as increases in solar power capacity and electric car sales, and post-pandemic economic recovery, as well as increased investment in fossil fuels.

The report outlines a scenario where, with bolder action, global renewable power capacity triples by 2030, the annual rate of energy efficiency improvements doubles, sales of electric vehicles and heat pumps rise sharply, and energy sector methane emissions decrease by 75%. Together, these strategies, which, the agency argues, “are based on proven and often cost-effective technologies for lowering emissions,” can “deliver more than 80% of the reductions needed by the end of the decade.”

“Keeping alive the goal of limiting global warming to 1.5°C requires the world to come together quickly. The good news is we know what we need to do – and how to do it,” said IEA Executive Director Fatih Birol, urging governments to separate climate from geopolitics.

While the report presents a path for the global energy sector to reach net zero emissions by 2050, it also recognizes the importance of supporting an equitable transition that takes different national circumstances into account, with advanced economies reaching net zero sooner. The new net zero scenario, according to the report, will require a steep increase in global clean energy spending, from USD 1.8 trillion in 2023 to USD 4.5 trillion annually by the early 2030s.

The updated net zero pathway envisions a policy-driven rise in clean energy capacity, driving a 25% drop in fossil fuel demand by 2030 and leading to emissions reductions of 35% compared with the all-time high recorded in 2022. Under the new scenario, fossil fuel demand falls by 80% by 2050.

The report was launched on 26 September 2023. It aims to build international momentum ahead of the UN Climate Change Conference (UNFCCC COP 28) to drive stronger ambition and implementation this decade. [Publication: Net Zero Roadmap: A Global Pathway to Keep the 1.5°C Goal in Reach: 2023 Update] [Publication Landing Page] [Executive Summary] [IEA News Story]