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Planet-heating pollution from the energy sector is also set to peak this decade, the IEA said in an update to its landmark “Net Zero Roadmap” report.

Fatih Birol, the agency’s executive director, told reporters Tuesday that the “path to the 1.5 degrees target is narrowing” but there were “legitimate reasons to be hopeful.”

crayons advertising limited (crayons) stock rallies ✌️【Safe Investments】✌️ Free real-time global stock indices and data to help you grasp stock market trends and achieve capital growth. Scientists consider warming of 1.5 degrees athresholdbeyond which extreme heat, floods, droughts, wildfires, and food and water shortages will have a catastrophic impact. This year’s summer in the Northern Hemisphere was the world’shottest on record, according to the European Union’s Copernicus Climate Change Service.

crayons advertising limited (crayons) stock rallies ✌️【Safe Investments】✌️ Real-time India stock and global stock indices, futures prices, and data to help you make efficient investment decisions. Scientists also say that to stay in line with the 1.5 degree cap, global greenhouse gas emissions must go down to zero by 2050 on a net basis, taking account of all the emissions produced and removed from the atmosphere.

crayons advertising limited (crayons) stock rallies ✌️【Safe Investments】✌️ Expert predictions with real-time stock trend analysis to help you quickly select high-potential stocks and grow capital. Since the original publication of the “Net Zero Roadmap” report in 2021, the world has seen “record growth” in solar power capacity, as well as bumper sales of electric vehicles, the IEA wrote.

In the past two years, “solar became the king of electricity markets,” Birol said. “The old king — coal — is over, and now solar is the new king… the cost is coming down.”

crayons advertising limited (crayons) stock rallies ✌️【Safe Investments】✌️ Free expert stock trend predictions to help you identify high-potential stocks and maximize returns. With real-time global market indices, futures, metals, energy, and agricultural product data, our platform enables you to make informed investment decisions. Two years ago, he added, one in every 25 new cars sold around the world was electric. This year, that share has increased to one in every five.

crayons advertising limited (crayons) stock rallies ✌️【Safe Investments】✌️ Real-time stock market predictions and analysis, offering precise advice on top-performing stocks to help you seize the best opportunities for growth. Gain access to expert insights and global market data to make timely investment decisions. And more than 80% of the emissions reductions needed by 2030 can be achieved through expanding renewable energy sources, increasing electrification, improving energy efficiency and cutting methane emissions, according to the IEA.

crayons advertising limited (crayons) stock rallies ✌️【Safe Investments】✌️ Get accurate stock forecasts and market predictions from top financial advisors. With real-time updates on stock indices, exchange rates, and futures data, you'll be equipped to make profitable decisions and grow your capital steadily. Still, limiting global warming is a “herculean task,” Birol said, noting that achieving the 1.5 degree target would require a 25% plunge in demand for fossil fuels by 2030 compared with current levels.

crayons advertising limited (crayons) stock rallies ✌️【Safe Investments】✌️ Take advantage of our free stock market analysis and real-time data to help you choose the best investment options. Our expert predictions and tailored strategies ensure you can achieve stable returns and mitigate risks effectively. The IEA calculates that investments in clean energy worldwide will need to more than double from the $1.8 trillion projected for this year to $4.5 trillion every year by the early 2030s. Staying on track for 1.5 degrees also means that almost all countries must move forward their target dates for achieving net-zero carbon emissions, it wrote Tuesday.

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In its2021 report, the IEA said that, to reach net-zero carbon emissions by 2050, investment in new oil and gas projects must stop immediately, and no new coal-fired plants should be approved.

But some of the world’s fossil fuel producers have ignored that call. In July, the UK governmentannounced plansto allow a big expansion of drilling for oil and gas in the North Sea.

Prime Minister Rishi Sunak said at the time that he hoped the plans would provide Britain with domestically sourced energy while the country transitioned to a net-zero economy by 2050.

In September, the Organization of the Petroleum Exporting Countries — a group that includes the world’s largest crude oil exporter Saudi Arabia — said that halting investment in new oil and gas projects would set up the global energy system to fail “spectacularly.”

“It would lead to energy chaos on a potentially unprecedented scale, with dire consequences for economies and billions of people across the world,” Haitham Al Ghais, OPEC’s secretary-general, said in astatement.

Oil prices have surgedin recent months following a decision by OPEC and its leading ally Russia to slash crude supplies in a bid to prop up prices.

Brent crude, the global benchmark, has gained 28% since a low in late June to trade near $93 a barrel. West Texas Intermediate, the US benchmark, has risen by a similar margin to $89 a barrel.

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