A new report by the International Energy Agency (IEA) has indicated;that immediate action is;needed to reshape the world’s energy sector in order to meet “ambitious” climate goals by 2050. The action needed, according to the report, includes ending investments in new coal mines, oil and gas wells.

The Paris-based agency also noted in the report that it has determined;there is a narrow but viable pathway for building a global energy sector with net zero greenhouse gas emissions by 2050.

Several countries, including the United States, China and the European Union, have pledged to achieve net zero emissions by 2050. This means that they will ensure the planet-warming gas released;into the atmosphere can be absorbed.

The IEA report therefore sets out some key steps to creating clean energy systems. These include no investment in new fossil fuel supply projects,;an end to the sale of new internal combustion engine passenger cars by 2035;and a four-fold increase in the deployment of solar and wind power compared to last year’s record level.

According to the report, even if climate pledges by governments to date are fully achieved,;it “would fall well short of what is required to bring global energy-related; carbon dioxide (CO2) emissions to net-zero by 2050;but give the world an even chance of limiting the global temperature rise to 1.5C”.

The IEA’s Executive Director, Dr. Fatih Birol, added that the transformation would create millions of new jobs and boost economic growth worldwide.

Overhauling world’s energy system “narrow but achievable”

COP 26 hosts, the United Kingdom, recently came under criticism after it’s government did not initially intervene in plans from Cumbria County Council to build a new deep coal mine, the first of its kind for 30 years.

Speaking to reporters about the issue, the IEA director, Dr Birol posited that continuing to put money into oil and gas projects may be “junk investments” and it could throw domestic climate targets off course.

“The UK is making exemplary steps in climate when you look at what it is doing at home and abroad. But if they still give licenses for coal or oil or gas investments or exploration, this might contradict with their own domestic climate goals.

“The world does not need any new investments in oil, coal or gas. Some investors, some governments can still go ahead and make investments in the exposure of the new oil fields or opening new coal mines.

“This is up to them to decide. But this is not in line with reaching our climate targets.”

The IEA report also noted that no new coal mines are needed from now on as coal demand is on the decline, and there is no place for oil or gas exploration or supplies.

Dr. Birol then emphasized that the pathway to overhauling the world’s energy system is “narrow but still achievable if we act immediately”.