Deep energy transformation needed by 2050: IEA
Limiting the rise in global mean temperature to well below 2°c would require an energy transition of “exceptional scope, depth and speed”, the International Energy Agency (IEA) has said. The IEA issued a report, Perspectives for the Energy Transition – Investment Needs for a Low-Carbon Energy System, on Monday 20 March. It said that nearly 95% of electricity would need to be low-carbon by 2050, seven out of every 10 new cars would need to be electric, and $3.5tn in energy-sector investments would be required on average each year––around twice the current levels of investment. The entire existing building stock would also need to be retrofitted, the report said.