In the field of energy, radical choices need to be made in order to achieve the Paris climate targets, the International Energy Agency (IEA) states in a new report. For example, according to the organisation, the exploitation of new oil and gas fields should be abandoned. There should also be no more investment in coal-fired power plants without capturing and storing CO2 emissions.
According to IEA CEO Fatih Birol, it is still possible to achieve the climate goals. The report describes 400 steps that should lead to no more CO2 entering the atmosphere by 2050 that is not compensated. “If we want to achieve that, we need to stop investing in New Oil, gas and coal projects.”
One of the proposals is to stop selling fossil-fuelled cars by 2035. The global electricity sector should be CO2 neutral five years later. This requires a huge use of renewable energy.
According to the organisation, by 2050, almost 90 percent of global energy demand must come from renewable sources, such as solar or wind energy. The rest, as far as IEA is concerned, must be generated in nuclear power stations. The Energy Agency calculated that this would require four times more solar and wind power capacity to be connected annually by 2030 than last year, where a record amount of renewable electricity was connected.
At the same time, in nine years ‘ time, 10 plants will have to be fitted with CO2 capture systems every month and three plants that run on hydrogen will be added at the same time. In addition, two gigawatts of hydrogen production capacity must be added each month to meet the demand for this fuel.
The problem is that the capture and storage of CO2 and the production of green hydrogen are still in its infancy. IEA stresses that these technologies need to be developed rapidly in the coming years, otherwise the energy sector will not be able to meet the targets.
To become global carbon neutral, 5 trillion dollars (4.1 trillion euros) of investment will be needed annually from 2030. Currently, $ 2 trillion is invested in energy every year.