According to the updated Net Zero Roadmap published by the International Energy Agency (IEA), the path to limiting global warming to 1.5 degrees Celsius has narrowed, but the growth of clean energy is keeping it open. The IEA states that there is no need for investment in new coal, oil, and natural gas.

In 2022, global carbon dioxide (CO2) emissions from the energy sector reached a new record high of 37 billion tonnes (Gt), 1% above their pre-pandemic level. However, these emissions are projected to peak this decade.

The rapid deployment of clean energy technologies means that demand for coal, oil, and natural gas is expected to peak this decade, even without new climate policies. Positive developments in the past two years include solar PV installations and electric car sales meeting the milestones set out in the IEA's 2021 Net Zero by 2050 report.

The main factor driving the decline in fossil fuel demand by over 25% this decade in the Net Zero Emissions (NZE) Scenario is the tripling of global installed renewables capacity to 11,000 gigawatts by 2030. Additionally, doubling the annual rate of energy intensity improvement by 2030 saves the energy equivalent of all oil consumption in road transport today.

Electric vehicles and heat pumps are contributing to electrification across the energy system, providing nearly one-fifth of the emissions reductions to 2030 in the NZE Scenario.

The world is expected to invest a record $1.8 trillion in clean energy in 2023, but this needs to increase to around $4.5 trillion annually by the early 2030s to align with the IEA's pathway.

By 2030 in the NZE Scenario, total household energy expenditure in emerging market and developing economies is expected to decrease by 12% from today's level, and even more in advanced economies. By 2035, emissions need to decline by 80% in advanced economies and 60% in emerging market and developing economies compared to the 2022 level.

The IEA's report emphasizes the need to phase out new oil, gas, or coal fields to limit global temperature rise. It calls for a swift, equitable, and fully funded transition away from fossil fuels. The report also highlights the importance of scaling up renewables to achieve climate goals.

Numerous experts and organizations have echoed these findings, emphasizing the need for urgent action to reduce emissions and transition to clean energy sources.