Report says to scrap all new fossil fuel projects for 2050 goals. Johannesburg – Future AAll petrol projects must be scrapped so that the earth can reach zero-zero emissions by 2050 and have the potential to reduce global warming by 1.5C, the International Energy Agency said on Tuesday.
In a special report designed to inform negotiators at the crucial COP26 summit in Glasgow in November, the IEA predicted a “massive decline in fossil fuels” over the next 30 years and the 2040 deadline for the global energy sector to achieve carbon neutrality.
It has called for a rapid and substantial increase in the investment of renewable energy, which brings benefits to development, wealth and also to human health.
IEA executive director Fatih Birol said the roadmap described in the report shows that the road to global net-zero by 2050 is “small but still accessible”. “The scale and speed of the efforts required by this critical and powerful goal – our great opportunity to tackle climate change and reduce global warming to 1.5C – makes this perhaps the biggest challenge we have ever faced,” Birol said.
Built using its industry network and the power modelling tools, the IEA road has laid more than 400 landmarks on the way to net-zero by the middle of the century.
This includes “no new oil and gas fields allowed for development” in addition to projects already offered since 2021.
It predicts a “significant reduction in fuel demand, which means that the focus on oil and gas producers is shifting completely to emissions – from existing commodity operations”.
The road also said sales of new indoor passenger cars would end in 2035 and energy efficiency would need to be increased by 4 percent a year for the next ten years – almost three times the current one. With an annual increase in solar energy and wind to 630 and 390 gigawatts respectively by 2030, the IEA said renewable investment could set global GDP by 4 percent more by 2050 than would be based on current trends.
By 2050, it said renewable energy and efficiency would see the world’s energy demand drop by about 8 percent compared to today, as more than two billion people have access to electricity.
An investment of about $ 40 billion a year – about one percent of the current investment in the energy sector – is expected to hold hundreds of millions of dollars up to the global grid.
The IEA said that the clean energy and also the availability of the clean cooking solutions can help reduce the number of premature deaths by 2.5 million per year by 2050.
Overall, fossil fuels should account for only one-fifth of electricity by 2050, down to about five-fifths of the current, according to the report.
Dave Jones, who leads the world at the Ember powerhouse think tank, said Tuesday’s test was “a complete transformation of the IEA led by a residue from the past five years”.
He said that this is really a knife in the fuel industry.
Under a scenario in which all current national zero-zero promises are met in a timely and comprehensive manner, the IEA has unveiled a dynamic change of energy for decades to come. Demand for oil is predicted on the ground in an estimated 104 million barrels per day just after 2030, the report said. Gas consumption is likely to increase in promising ways, such as nuclear.