IEA: Net Zero by 2050 IS Attainable

November 13, 2023

 

The IEA reports that reaching net zero emissions by 2050 remains a challenging, but attainable goal. In its latest World Energy Outlook, IEA offers several reasons to believe.  These include new and impactful clean energy policies. Many countries and an increasing number of businesses are committed to reaching net zero emissions. As of September 2023, net zero emissions pledges cover more than 85% of global energy-related emissions and nearly 90% of global GDP. 93 countries and the European Union have pledged to meet a net zero emissions target.

Actions required to reduce emissions more sharply downward by 2030 are mature, tried and tested, and in most cases are very cost effective. More than 80% of the additional emissions reductions needed in 2030 in the net zero scenario come from well-known sources.

In 2021, technologies that were prototypes or in demonstration phase delivered nearly 50% of the emissions reductions needed in 2050 to reach net zero. Today, the number is around 35%.

Clean energy investment and deployment has increased rapidly in response to market signals and financial incentives provided by governments, with mass-manufactured technologies such as solar PV, wind turbines and EVs leading the way.