The latest report provides an update to the original Roadmap released two years ago, analysing the latest numbers in light of the energy crisis and impact of a post-pandemic economy.
According to Dr Fatih Birol, executive director of the IEA, without a massive ramping up of government policies coupled with international collaboration, reaching net zero will not be possible.
“Strong international cooperation is crucial to success. Governments need to separate climate from geopolitics, given the scale of the challenge at hand,” said Birol.
According to the report, bolder policy action is essential to triple renewable power capacity by 2030, double the annual rate of energy efficiency improvements, boost heat pump and EV uptake and reduce methane emissions.
Timur Gül, head of energy technology policy division at IEA, stressed the need to address security risks around supply gap of critical minerals, reduce bottlenecks with smarter T&D grid expansion and safeguard energy affordability – all of which will require a bold mentality reflected through bold policy measures.
Hopeful sentiments
Despite persisting investments in fossil fuels and the fact that ‘carbon emissions remain stubbornly high’ there are reasons to remain hopeful about our net zero goals, stated Birol.
“When we look at the numbers, we see there are legitimate reasons to be hopeful; mainly we are seeing a new clean energy economy is emerging around the world…driven by clean energy technology, we see the path to 1.5 is narrowing, [but] the increase in clean energy technology is keeeping the door open,”said Birol.
Over the last two years, Birol highlighted several positive shifts, namely that solar power and electric vehicles are reaching new records and keeping in line with the pathway towards net zero emissions globally by mid-century.
Also, global clean energy investments increased by 40%, currently totaling $1.8 trillion and a great deal of progress has been made in clean tech innovation, with many technologies moving from demo stage to being ready for commercialisation.
Gül stated that despite struggles within the wind industry, clean energy manufacturing shows promising opportunities and there has been considerable progress in innovation investment, both of which can be ramped up quickly with the right policy support.
Added Birol, “The pathway to 1.5°C has narrowed in the past two years, but clean energy technologies are keeping it open. With international momentum building behind key global targets…the COP28 climate summit in Dubai is a vital opportunity to commit to stronger ambition and implementation in the remaining years of this critical decade.”
