Net-zero emissions can be reached by 2050 – IEA report

A new report by the International Energy Agency (IEA) showed on Tuesday that achieving the net zero emissions target by 2050 is still possible, but it requires tripling renewable energy capacity by the end of the decade.

The world has to increase clean energy spending from the $1.8 trillion expected in 2023 to $4.5 trillion per year by the early 2030s to limit global warming to 1.5°C, the report added.

The report comes as temperatures have hit record levels this year, with the world experiencing its hottest summer ever. Meanwhile, CO2 emissions reached a record high of 37 billion tons in 2022.

IEA concludes that in 2030 the global fossil fuel demand would be 25 percent lower than today. Demand would then decline even more sharply; by 2050, it would be just 20 percent of current levels.