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International Energy Agency (IEA) Published the 2023 Net Zero Roadmap
25 Sep 2023International Energy Agency IEA Net Zero Roadmap: No need for coal, oil and gas investments
The IEA's landmark Net Zero Roadmap shows that higher emissions reductions actions and implementation, supported by stronger international cooperation, will be critical to meeting climate targets
International Energy Agency (IEA) published the Net Zero Road Map of September 26, 2023. In the report, it is noteworthy that with the growth in clean energy investments, fossil fuels will decline in the coming years.
The IEA's landmark Net Zero Roadmap shows that greater mitigation actions and implementation, supported by stronger international cooperation, will be critical to achieving climate targets.
According to the new update of the Net Zero Roadmap, although reducing greenhouse gas emissions from the world energy sector to net zero and limiting global warming to 1.5 °C is possible due to the record growth of key clean energy technologies, momentum needs to accelerate rapidly in many areas.
The new Roadmap sets out a global path to make the 1.5°C target achievable, providing a comprehensive update to the original report published in 2021 and serving as a benchmark for policymakers, industry, the financial sector and civil society.
The 2023 update covers significant changes in the energy landscape over the past two years, including the post-pandemic economic recovery and extraordinary growth in some clean energy technologies, as well as increased investment in fossil fuels and stubbornly high emissions.
Record growth in solar capacity and electric car sales since 2021 is seen as aligned with a path towards net-zero emissions globally by mid-century and industry plans to roll out new production capacity for these technologies. These two technologies will deliver one-third of emissions reductions between now and 2030. Clean energy innovation offers more options and reduces technology costs. In the IEA's original Roadmap published in 2021, technologies not yet commercially available would provide almost half of the emissions reductions needed for net zero in 2050. That number dropped to about 35 percent in this year's update.
Still, bolder steps need to be taken this decade. In this year's updated net zero pathway, global renewable energy capacity triples by 2030. The annual rate of energy efficiency improvements is doubling, and electric vehicle and heat pump sales are soaring. Energy sector methane emissions are falling by 75 percent. Together, these strategies will deliver more than 80 percent of the reductions we need by the end of the decade.
The world needs to come together quickly to keep the goal of limiting global warming to 1.5°C alive. The good news is that we know what we need to do and how to do it. Our 2023 Net Zero Roadmap shows a way forward,” says
IEA Executive Director Fatih Birol, “But we also have a very clear message: Strong international cooperation is crucial for success. Governments should consider climate separate from geopolitics, given the scale of the challenge.” They need to keep it.”
'The data is clear: the age of fossil fuels is coming to an end'
Laurence Tubiana, CEO of the European Climate Foundation, also comments on the report: "Before COP28, the latest scientific data is clear: the age of fossil fuels is coming to an end. The only way to move forward in the energy sector is to develop renewable energy sources, efficiency and electrification. There is no need for new oil or gas fields or coal mines. In Dubai, the COP presidency will have to show what post-fossil fuel leadership looks like."
'There is no room for new oil, gas or coal fields'
Oil Change International Research Director Kelly Trout also said, "The 2023 Net Zero Emissions scenario reaffirms a fact: There is no room for new oil, gas or coal fields to limit global temperature rise. It is time for a rapid, fair and fully funded phase-out of fossil fuels. As countries prepare to make serious climate commitments at COP28, they should take into account the conclusive evidence that the transition away from fossil fuels is necessary, and this must happen quickly." he says.
Ember Global Program Leader Dave Jones says, "Tripling renewable electricity is the biggest action needed in this decade to ensure a rapid transition away from fossil fuels. As clean electrification comes to the fore, electricity will become the new oil. This requires world leaders to think big and build big. This is not rocket science, but it requires the determination and urgency of the space race."
“More importantly, developing economies need investment to enter this race, which will ultimately benefit us all.”
Regulatory Assistance Project (RAP) Manager and Europe Program Director Jan Rosenow says, "The roadmap shows that we do not need new coal, oil and gas investments. The expansion of renewable energy, together with electrification and energy efficiency, supported by the right infrastructure, are the key components that will take the world to the net zero target. The good news is that the IEA has found that we are now on this path in many areas."
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