- Published: 19 May 2021 19 May 2021
The International Energy Agency (IEA) has published its first ever roadmap to net-zero emissions by 2050. The new report provides guidance for governments, companies, investors, and the public on what is necessary to fully decarbonise the energy sector and lower greenhouse gas emissions to limit temperature rise to 1.5 degrees Celsius.
The report comes after the IEA received widespread criticism for systematically underestimating the pace of adoption of clean energy technologies such as solar and wind, and substantially overestimating their costs. Critics argued that IEA projections had effectively acted as support for the fossil fuel industry’s business-as-usual operations.
In a significant shift, the IEA today recognizes that on a net-zero pathway there can be no investment in new fossil fuel supply. This includes oil, gas, and coal projects. The IEA confirms that with the introduction of policy to achieve climate stabilization at 1.5 degrees, the fossil fuel sector will face significant demand reduction.
This new net-zero scenario from the IEA finally aligns with investor expectations and makes abundantly clear to fossil fuel companies that they must set net-zero targets, develop a clear transition strategy, and evolve in step with the decarbonising global economy, says Danielle Fugere, president of As You Sow. As You Sow is a nonprofit organisation that promotes environmental and social corporate responsibility through shareholder advocacy, coalition building, and legal strategies.