IEA Calls for Halt to Fossil Fuel Investment

The Intercontinental Electrical power Association has recommended an speedy halt to new oil, gasoline and coal projects as part of a “road map” for reaching carbon neutrality by 2050.

The 2015 Paris Agreement on climate alter projected that world wide warming could be restricted to one.five levels Celsius above preindustrial ranges if electrical power-related carbon dioxide emissions had been decreased to net zero by mid-century.

But in a landmark report issued on Tuesday, the IEA, which advises nations on electrical power policy, warned that nations will will need to shift a lot extra aggressively absent from fossil fuels if the Paris intention is to be accomplished.

“The sheer magnitude of variations necessary to get to net zero emissions by 2050 is continue to not absolutely recognized by several governments and traders,” Fatih Birol, the agency’s government director, informed The New York Moments.

The report, entitled “Net Zero by 2050: a Roadmap for the International Electrical power Sector,” recommends “the speedy and substantial deployment of all out there clear and efficient electrical power technologies,” with yearly additions of photo voltaic-created electrical power to get to 630 gigawatts by 2030 and these of wind power to get to 390 gigawatts.

For photo voltaic electrical power, “it is equal to installing the world’s present-day largest photo voltaic park roughly every single day,” the IEA famous.

Moreover, there should really be “no expense in new fossil fuel source projects, and no further more remaining expense decisions for new unabated coal crops.” By 2050, the report explained, practically ninety% of energy generation would appear from renewable resources, with wind and photo voltaic jointly accounting for practically 70%.

In accordance to the Moments, “While academics and environmentalists have manufactured very similar suggestions right before, this is the to start with time the Intercontinental Electrical power Agency has outlined strategies to execute these drastic cuts in emissions.”

“It’s a massive change in messaging if they are saying there’s no will need to invest in new fossil fuel source,” explained Kelly Trout, senior investigation analyst at Oil Change Intercontinental, an environmental advocacy group.

Dave Jones, world wide program lead at climate group Ember, explained the report indicators “the start out of the end” for the oil and gasoline field. “It demonstrates that any new fossil expense is manufactured knowing it is inconsistent with a one.five degree globe,” he informed CNN.

Image by Robert Nickelsberg/Getty Pictures
carbon neutrality, climate alter, world wide warming, Intercontinental Electrical power Agency, net zero, Paris arrangement