IEA: Cash, Politics, and Green Growth - The Route to Net Zero

The International Energy Agency (IEA) stated that it is still possible to limit global warming to 1.5 degrees Celsius with the record growth in clean energy technology. However, the world needs to invest nearly $4.5 trillion per year in the transition to cleaner energy from the next decade, compared to the expected spending of $1.8 trillion in 2023. The IEA emphasized the need for a tripling of global renewable capacity, a doubling of energy efficient infrastructure, and increased adoption of heat pumps and electric vehicles by 2030. The agency also called for a 75% reduction in energy sector methane emissions by 2030. The IEA stressed the importance of separating climate from geopolitics and urged governments to prioritize climate action.