The window for keeping the Paris Agreement alive has shrunk but remains open thanks to the growth in clean power generation, the International Energy Agency has said.
In its 2021 report, it identified technologies that are not yet on the market as providing 50% of the emissions reductions but this has now fallen to 35% – a testament to the speed with which renewable technologies have been developed. “The good news is we know what we need to do – and how to do it. Our 2023 Net Zero Roadmap, based on the latest data and analysis, shows a path forward.
Clean energy investment must grow from the 1.8 trillion dollars spent in 2023 to 4.5 trillion dollars annually by the early 2030s, with a particular focus on developing countries. Nearly five billion tonnes of carbon dioxide would have to be removed every year during the second half of this century if clean energy is not expanded quickly enough, relying on a technology that is expensive and unproven.
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