Radical change needed to reach net zero emissions: IEA

Steam and other emissions rise from a power station in Belgrade

* Current net zero pledges still lead to 2.1C temperature rise * New investment in fossil fuel projects will not be needed * Global energy investment needs to rise to $5 trillion/yr by 2030 The window of opportunity for reaching net zero emissions by mid-century is narrowing unless the world radically changes the way energy is produced, used and transported, the International Energy Agency (IEA) said on Tuesday. A global climate pact agreed in 2015 to cap the rise in temperatures to as close as possible to 1.5 degrees Celsius to avoid the most devastating impacts of climate change, which requires achieving net zero greenhouse gas emissions by 2050. The number of countries which have pledged to reach net zero has grown, but even if their commitments are fully achieved, there will still be 22 billion tonnes of carbon dioxide worldwide in 2050 which would lead to temperature rise of around 2.1C by 2100, the IEA said in its ‘Net Zero by 2050’ report.