‘Net Zero By 2050’: IEA Report

• 21 May 2021

On 18^th may 2021, the International Energy Agency (IEA) released the report ‘Net Zero by 2050’.

Highlights of the Report

• Halting new oil, gas, and coalfields will be key to achieving Net Zero Global Carbon emissions by 2050.
• Achieving Net Zero emissions is vital to limit the increase in average global temperatures to less than 1.5 degree Celsius.
• The current pledges of the Nations across the world are insufficient to curb global temperature rise, they will result in an increase of 2.1 degrees Celsius by 2050.
• Energy investment needs to increase to USD 5 trillion a year by 2030 from USD 2 Trillion at present to achieve net zero emissions.
• Installation of Solar photovoltaic additions should reach 630 GigaWatts (GW) a year by 2030, Wind power needs to increase to 390 GW. It is four times the target set in 2020 for new capacity additions.
• The share of Electric Vehicles in the global fleet must increase from 5% (at present) to 60% by 2030.