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- Record growth of clean energy technologies boosts hope.
- Global renewable power capacity could triple by 2030.
- The world is set to invest a record USD 1.8 trillion in clean energy in 2023.
Renewed hope with cleaner energy
"The pathway to 1.5°C has narrowed in the past two years, but clean energy technologies are keeping it open," said Dr. Fatih Birol, IEA Executive Director.
There's still a chance to limit global warming to 1.5°C. A new report from the International Energy Agency (IEA) offers optimism.
This is thanks to the unprecedented growth of clean energy technologies like solar power and electric cars. The world is set to invest a record USD 1.8 trillion in clean energy in 2023.
The 2023 Update of the IEA's Net Zero Roadmap highlights:
- Notable growth in solar power capacity and electric car sales since 2021.
- Both technologies could provide one-third of emissions reductions by 2030.
More needs to be done
- Global renewable power capacity needs to triple by 2030.
- Annual energy efficiency improvements should double.
- Electric vehicles and heat pumps sales must increase considerably.
- Energy sector methane emissions must drop by 75 percent.
- Clean energy investments need to climb to around USD 4.5 trillion a year by the early 2030s.
This could lead to a decline in fossil fuel demand by 25 percent by 2030.
International cooperation and supply chains
Resilient and varied supply chains for clean energy technologies and necessary minerals are vital for a net zero-emission energy sector. Supply chains must remain open to meet the accelerated pace of clean energy development.