Invest $131 trillion in clean energy by 2050 to hit climate goals: Study

In its annual flagship report, the International Renewable Energy Agency underscored the scale and pace of change needed to cap the rise in average global temperatures at 1.5 degrees Celsius, in line with the 2015 Paris climate accord.

“The gap between where we are and where we should be is not decreasing but widening,” said Francesco La Camera, director-general of the Abu Dhabi-based organisation, which has more than 160 member states. “We need a drastic acceleration of energy transitions to make a meaningful turnaround.”

The agency’s “1.5C pathway” set out in the report found that fossil fuel consumption would have to fall by more than 75% by 2050, with oil and coal shrinking more quickly.