The International Energy Agency (IEA) has emphasized the urgency of reducing carbon dioxide and methane emissions in order to achieve the goal of net zero emissions by 2050. The agency states that deep and rapid cuts in emissions, particularly methane, by 2030 are necessary for reaching this target. The IEA’s updated roadmap highlights the need for strong domestic policies and increased investment in clean energy to decrease global fossil fuel demand by more than 25% by 2030 and 80% by 2050. The agency also projects that coal, oil, and natural gas demand will peak this decade, even without additional climate policies.
To achieve the net zero emissions target, the IEA recommends a significant increase in clean energy investment to around $4.5 trillion per year by the early 2030s, compared to the current level of $1.8 trillion seen in 2023. The agency emphasizes that no new long-lead time upstream oil and gas projects are required according to their updated roadmap, but continued investment is necessary in existing assets and already-approved projects. The IEA also emphasizes the need to separate climate action from geopolitical tensions and highlights that advanced economies should aim to reach net zero sooner to allow emerging and developing economies more time.
In order to limit global warming to 1.5°C, the IEA emphasizes the need for emissions to decline by 80% in advanced economies and 60% in emerging market economies by 2035 when compared to the 2022 level. This ambitious target underscores the importance of immediate action to reduce emissions and invest in clean energy technologies.