International Energy Agency Releases Groundbreaking Roadmap to Net Zero
Top global energy agency publishes scenario aligned with goals of the Paris Agreement.
FOR IMMEDIATE RELEASE
MEDIA CONTACT: Stefanie Spear, [email protected], 216-387-1609
BERKELEY, CA—MAY 18, 2021—The International Energy Agency (IEA) has published its first ever comprehensive roadmap to net-zero emissions by 2050. The IEA is considered the foremost global energy expert with many governments using its modeling and conclusions as input for policy decisions. The new report provides guidance for governments, companies, investors, and the public on what is necessary to fully decarbonize the energy sector and lower greenhouse gas emissions to limit temperature rise to 1.5 degrees Celsius.
The report comes after the IEA received widespread criticism for systematically underestimating the pace of adoption of clean energy technologies such as solar and wind, and substantially overestimating their costs. Critics argued that IEA projections had effectively acted as support for the fossil fuel industry’s business-as-usual operations.
In a significant shift, the IEA today recognizes that on a net-zero pathway there can be no investment in new fossil fuel supply. This includes oil, gas, and coal projects. The IEA confirms that with the introduction of policy to achieve climate stabilization at 1.5 degrees, the fossil fuel sector will face significant demand reduction.
Danielle Fugere, president of As You Sow, made the following statement:
“This new net-zero scenario from the IEA finally aligns with investor expectations and makes abundantly clear to fossil fuel companies that they must set net-zero targets, develop a clear transition strategy, and evolve in step with the decarbonizing global economy. Standing in the way of progress is no longer acceptable for companies’ own enterprise success or for the global economy.”
Daniel Stewart, senior research associate at As You Sow, made the following statement:
“Until now, the IEA’s research has been used to play down transition risks faced by the fossil fuel industry and as a support for inadequate energy and climate policy. IEA’s new scenario firms up what investors already knew about the steps needed to achieve climate stabilization by midcentury. It demonstrates without a doubt that it is difficult but absolutely possible to contain the catastrophic impact of runaway climate change, and signals major disruption on the horizon for industries reliant on fossil fuels.”
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As You Sow is a nonprofit organization that promotes environmental and social corporate responsibility through shareholder advocacy, coalition building, and innovative legal strategies. See our resolutions here.