Unleashing 400 milestones for reaching net zero by 2050, the International Energy Agency (IEA) has warned that "the world has a huge challenge ahead of it".
The opportunity to hit net zero by 2050 globally is “narrow but still achievable” if renewables grow to dominate the energy sector, while no additional investments into fossil fuels are made.
Global demand for electricity is predicted to rise by 4.5% in 2021 – equivalent to 1,000TWh – following heavy reductions as a result of COVID-19.
Renewables have managed to overcome hurdles resulting from the COVID-19 pandemic as new analysis shows they will be responsible for nearly 90% of new 2020 power capacity.
Reductions in network operators’ budgets could result in electricity grids becoming the “weak link” in the power sector transformation.
Pursuing a sustainable recovery from COVID-19 could boost economic growth, create millions of jobs and reduce greenhouse gases.
Renewable power shares are outperforming fossil fuels in the stock market, but obstacles are still standing in their way.
COVID-19 has sent investment in the power sector tumbling, with the International Energy Agency (IEA) expecting power sector spending alone to fall by 10% in 2020.
While COVID-19 looks set to hurt renewable growth in the short term, it will not halt it according to a new report by the International Energy Agency (IEA).