No new investment in oil, gas, or coal development, a massive increase in renewable energy adoption, speedy global phaseouts for new natural gas boilers and internal combustion vehicles, and a sharp focus on short-term action are key elements of a blockbuster Net Zero by 2050 report released Tuesday morning by the International Energy Agency (IEA). The more than 400 sectoral and technological targets in the report would be big news from any source. They’re particularly significant from the IEA, an agency that has received scathing criticism in the past for overstating the future importance of fossil fuels, consistently underestimating the uptake of renewable energy, and failing to align its “gold standard” energy projections with the goals of the 2015 Paris Agreement. For years, the agency’s projections have been used to justify hundreds of billions of dollars in high-carbon investments, allowing multinational fossil companies to sustain the fantasy that demand for their product will increase through 2040 or beyond.
Energy Mix 19th May 2021 read more »
Climate News Network 21st May 2021 read more »
The International Energy Agency (IEA) has published a landmark report that sets out for the first time its scenario for the global energy system to reach net-zero annual emissions of carbon dioxide by 2050. Significantly, the scenario would mean no new supplies of fossil fuels, with profound implications for the coal, oil and natural gas industries. The report, Net Zero by 2050: A Roadmap for the Global Energy Sector, acknowledges that countries that have committed to achieving net-zero emissions of carbon dioxide are currently responsible for about 70 per cent of emissions. The UK is among this number and continues to support an offshore oil and gas industry.
LSE 19th May 2021 read more »
Today the IEA publishes its new special report, “Net Zero by 2050: a Roadmap for the Global Energy Sector”, its deepest dive so far into what’s needed for a successful global transition. It analyses the options as well as the socio-economic, behavioural and environmental impacts they will have globally. Here, Laura Cozzi (Chief Energy Modeller) and Timur Gül (Head of the Energy Technology Policy Division) at the IEA summarise the key principles behind the IEA’s new scenario “Net-Zero Emissions by 2050” (NZE). Which mix of technologies look optimal, and why. The vital importance of international cooperation that accounts for the realistic abilities of each nation. Ensure energy security at all times, minimising stranded assets and avoiding volatility in energy markets as the global economy doubles in size and adds 2bn people by 2050. They make a comparison with the IPCC Scenarios, and point to the major differences with the new NZE (notably in carbon capture, bioenergy, efficiency, hydrogen, electricity generation, fossil fuels). They appreciate the limitations of any forecast and that, going forward, some technologies will underperform and some will surprise us with their success. The authors stress, as many do, the need for a massive scaling up of ambition in the next 10 years, in no small part because delays risk locking-in high emissions infrastructure. They welcome the unprecedented attention and support climate change is experiencing today at the highest levels of government as well as amongst the public, which gives the world an opportunity now to launch big and bold policies.
Energy Post 18th May 2021 read more »