According to the new Net Zero Roadmap from the International Energy Agency (IEA), thanks to record growth in the clean energy sector, it is still possible to limit global warming to 1.5 degrees Celsius above pre-industrial levels.
“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. Our 2023 Net Zero Roadmap, based on the latest data and analysis, shows a path forward,” said IEA Executive Director Fatih Birol. “But we also have a very clear message: Strong international cooperation is crucial to success. Governments need to separate climate from geopolitics, given the scale of the challenge at hand.”
The report says: “Today much of the momentum is in small, modular clean energy technologies like solar PV and batteries, but these alone are not sufficient to deliver net zero emissions. It will also require: large new, smarter and repurposed infrastructure networks; large quantities of low-emissions fuels; technologies to capture CO2 from smokestacks and the atmosphere; more nuclear power; and large land areas for renewables.”
This year’s net zero roadmap has renewable energy worldwide tripling by 2030. Improvements to energy efficiency also double, heat pump and EV sales dramatically rise and methane emissions from the energy sector decrease by 75 percent.
The report said these strategies make up more than 80 percent of emissions reductions needed by 2030.
The IEA said in order to meet the 1.5°C goal, investment in the transition to cleaner energy would need to reach nearly $4.5 trillion per year by 2030. Renewable energy spending in 2023 is expected to be $1.8 trillion.