Several new energy transition developments in the offshore energy and maritime sectors have made headlines this week, contributing to the global 2050 net-zero targets and – at least to some extent – to the ambitious path that International Energy Agency (IEA) mapped in its latest report.
Climate pledges by governments to date, even if fully achieved, would fall well short of what is required to bring global energy-related carbon dioxide (CO2) emissions to net-zero by 2050 and give the world a chance of limiting the global temperature rise to 1.5 °C, according to the IEA’s roadmap.
The roadmap sets out a cost-effective and economically productive pathway to a global economy dominated by renewables instead of fossil fuels. To achieve this, the report sees no new oil and gas fields approved for development beyond projects already committed as of 2021 and calls for scaling up renewable energy build-out, especially solar PV and wind, to reach 90 per cent of global electricity generation in 2050.
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This post appeared first on Offshore Energy.