City, Country – [Date] – The International Energy Agency (IEA) has released a pivotal report stating that the goal of limiting global warming to 1.5 degrees Celsius remains attainable, largely thanks to a remarkable surge in clean energy technologies such as solar panels and electric vehicles. This pronouncement comes at a critical juncture as temperatures in the current year have soared to unprecedented levels, with global averages standing approximately 1.1 degrees Celsius higher than pre-industrial levels.

The IEA’s report, unveiled on Tuesday, underscores the imperative need for heightened investments in the transition to cleaner energy sources. The agency estimates that annual investments must escalate to nearly $4.5 trillion (equivalent to 103.5 trillion CZK) by the beginning of the next decade, a substantial increase from the anticipated $1.8 trillion expected for this year. The Paris Agreement, forged in 2015, set a paramount objective of curtailing the global temperature increase well below 2 degrees Celsius, with an aspirational target of limiting it to 1.5 degrees Celsius. This is essential to avert the most catastrophic consequences, including droughts, floods, and a surge in wildfires.

The IEA’s Net Zero Roadmap, an updated blueprint for achieving net-zero emissions, underscores that the surge in solar energy capacity and electric vehicle sales since 2021 aligns with the agency’s objectives. So do the infrastructure expansion plans in these areas. However, even more ambitious endeavors are essential, including tripling global renewable energy capacity, doubling energy-efficient infrastructure, and vastly increasing the adoption of heat pumps and electric vehicles by 2030.

The Net Zero Roadmap lays out various scenarios for reaching net-zero emissions by the mid-century mark. Furthermore, the IEA has called for a 75% reduction in methane emissions within the energy sector by 2030. This undertaking is estimated to cost $75 billion, a mere two percent of the net profit reported by the oil

Article by Prague Forum