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No New Oil And Gas Exploration To Hit Net Zero, Says Landmark Report

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The International Energy Agency has said in a roadmap report that no new oil and gas exploration should be developed if the global energy sector is to reach net zero by 2050.

The report, issued May 18, is the world’s first comprehensive energy roadmap that shows what governments can do to rapidly boost clean energy and reduce fossil fuel use, while creating millions of jobs, lift economic growth and keep net zero in reach.

The world has a viable pathway to building a global energy sector with net-zero emissions in 2050, but it is narrow and requires an unprecedented transformation of how energy is produced, transported and used globally, the International Energy Agency said in a landmark special report, Net Zero by 2050: a Roadmap for the Global Energy Sector.

Building on the IEA’s energy modelling tools and expertise, the Roadmap sets out more than 400 milestones to guide the global journey to net zero by 2050. These include, from today, no investment in new fossil fuel supply projects, and no further final investment decisions for new unabated coal plants. By 2035, there are no sales of new internal combustion engine passenger cars, and by 2040, the global electricity sector has already reached net-zero emissions.

The full report is available for free on the IEA’s website along with an online interactive that highlights some of the key milestones in the pathway that must be achieved in the next three decades to reach net-zero emissions by 2050. For more information visit: www.iea.org