Energy agency: End new fossil fuel supply investments

A report by the International Energy Agency says immediate action is needed to reshape the world’s energy sector in order to meet ambitious climate goals by 2050

BERLIN -- A report by the International Energy Agency says immediate action is needed to reshape the world's energy sector in order to meet ambitious climate goals by 2050, including ending investments in new coal mines, oil and gas wells. The Paris-based agency said in a report released Tuesday that it has determined there is a narrow but viable pathway for building a global energy sector with net zero greenhouse gas emissions by 2050. Several countries, including the United States and the European Union, have pledged to achieve net zero emissions — meaning only as much planet-warming gas is released into the atmosphere as can be absorbed — by mid-century. The IEA report sets out 400 steps needed to transform how energy is produced, transported and used. These include no investment in new fossil fuel supply projects, an end to the sale of new internal combustion engine passenger cars by 2035 and a four-fold increase in the deployment of solar and wind power by 2030 compared to last year's record level.