• Ar
  • Es
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Feature
  • Videos
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Feature
Videos
Infographs
In Pictures
  1. Home
  2. News
  3. MENA
  4. IEA: Renewables investments must reach $4trln in order reach net zero
MENA

IEA: Renewables investments must reach $4trln in order reach net zero

  • By Al Mayadeen English
  • Source: Agencies
  • 27 Oct 2022 09:47

Increased global investment in renewable energy will encourage advancement in nuclear and renewable energy.

  • IEA Executive Director Fatih Birol (CFP)
    IEA Executive Director Fatih Birol (CFP)

The International Energy Agency (IEA) stated on Wednesday that it anticipated a peak in global emissions in 2025, as rising energy costs brought on by the war in Ukraine spur investment in renewable energy sources.

The IEA only said that there was "no clear peak in sight" for energy emissions last year; nevertheless, the new increased investment in wind and solar energy will result in a peak or a flat line in demand for all fossil fuels, which will lead to a decrease in emissions.

According to the annual World Energy Outlook released last year, "The global energy crisis triggered by Russia's invasion of Ukraine is causing profound and long-lasting changes that have the potential to hasten the transition to a more sustainable and secure energy system."

The IEA forecasts that by 2030, global renewable energy investment would have increased by more than 50% from current levels thus reaching $2 trillion per year, based on the most recent policies and measures announced by a number of countries in response to skyrocketing energy costs.

These actions will encourage continued advancements in nuclear and renewable energy. As a result, a peak in world emissions, said the IEA, will be reached in 2025.

By 2050, global CO2 emissions are predicted to gradually decline from a peak of 37 billion tonnes annually to 32 billion tonnes.

Fossil fuel demands, renewables global investment, and net zero

The Paris-based organization, which provides advice to countries that use a lot of energy, stated that according to its estimate, demand for all fossil fuels will peak or plateau.

The use of coal, which briefly increased, will begin to decline over the following few years as additional renewable energy sources come online. Instead of the earlier prediction of a constant growth, natural gas reaches a plateau towards the end of the decade.

Instead of the prior prediction of a constant growth, oil consumption plateau in the mid-2030s and then steadily drop towards the middle of the century owing to the adoption of electric vehicles.

Overall, under the IEA's stated policy scenario, the proportion of fossil fuels in the world's energy mix decreases from around 80% to slightly above 60% by 2050.

IEA Executive Director Fatih Birol in a statement that the "Energy markets and policies have changed as a result of Russia's invasion of Ukraine, not just for the time being, but for decades to come."

However, that will not eliminate the world track towards the 2.5 degrees Celsius rise in global temperatures by the end of the century. This rise conitues to threaten severe climate change impacts.

In order to meet the 1.5C warming objective stipulated in the Paris Climate Accord, the IEA also proposed a scenario that called for zero net emissions in 2050. In order to achieve that, renewable energy investments would have to double from the present prediction of $2 trillion year to $4 trillion annually by 2030.

Laurence Tubiana, head of the European Climate Foundation and France's former climate ambassador, said that "The IEA, with all its expertise and authority is clear: clean energy investments must triple by 2030, and gas is a dead end," adding that "The current European energy crisis clearly proves the dangers of gas: high price, volatility, geopolitical dependence," she added.

Read more: IEA: Carbon Emissions Will Fall 60% Short of Their 2050 Target

  • IEA
  • Net Zero
  • COP26
  • Paris climate agreement

Trending Now

All
Biodiversity loss threatens economic stability: Report

Biodiversity loss threatens economic stability: Report

Most Read

Treasury Secretary Janet Yellen listens to opening remarks before testifying before the Senate Finance Committee about the President's proposed budget request for the fiscal year 2024, Thursday, March 16, 2023, on Capitol Hill in Washington. (AP)

US Debt ceiling ‘must be raised’ ahead of default: Treasury Secretary

  • US & Canada
  • 16 Mar
Rallies held in Washington DC to protest US militarism

Peace rallies held in Washington DC to protest US militarism

  • US & Canada
  • 18 Mar
Poland

Poland may end up 'joining' Ukraine war: Polish Ambassador to France

  • Europe
  • 20 Mar
Iran–Saudi Deal: Not a Diplomatic Normalisation, But An ‘Architecture’

Iran–Saudi Deal: Not a Diplomatic Normalisation, But An ‘Architecture’

  • Analysis
  • 19 Mar

Read this

All
A US occupation soldier kicks a home in Baghdad, traumatizing a dad and his son on November 4, 2008. (Reuters)
US & Canada

Iraq WMDs lies echo a culture of US intelligence failures

  • Today
Footage taken from a mass shooting in California on January 23, 2023. (Reuters)
US & Canada

Ex-US soldier shoots dead 3 children, fellow soldier in murder-suicide

  • Today
Russia’s new ambassador to the United States Anatoly Antonov speaks at a press conference. (AP)
Europe

West bringing world to a 'nuclear Armageddon': Antonov

  • Today
Refugees crossing from mainland Europe to the UK via the English Channel. (Reuters)
US & Canada

UK uses Rwanda deportation card as threat against asylum seekers

  • Today
Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS