Existing technologies can keep temperature rise below 2°C but governments need to step up investment in renewables
The goal of cutting emissions sufficiently to keep the global temperature rise below a critical level is still “within reach”, even though nine out of 10 low-carbon technologies are not on track to make their required contribution to emission reductions, the International Energy Agency (IEA) reported yesterday.

The latest biennial Energy Technology Perspectives report from the Paris-based organisation says integrated use of existing technologies can reduce fossil fuel dependence and curb emissions from industry, transport and buildings. But it warns these technologies are not currently being deployed at sufficent scale to deliver the deep emission reductions that are required.

Hydro, biomass, onshore wind, and solar photovoltaic technologies are all making progress, according to the report, but other key technologies for energy and CO2 emission savings are lagging behind where they need to be to prevent temperatures rising more than 2°C, the point at which most scientists believe the worst effects of climate change start to be felt.

Slow take-up of energy efficiency measures and a lack of progress on carbon capture and storage, which could account for a fifth of the cumulative CO2 reductions needed by 2050 to stay below the 2°C threshold, are deemed “particularly worrisome” by the report.

Clean energy investments reached a record $257bn (£166bn) last year, but this falls short of what is required, the report says.

It warns an additional $36tn of clean energy investment will be needed by 2050 – some $130 per person each year. The report says the associated fuel savings could be up to $100tn.

It calls on governments to “create an investment climate that builds confidence in the long-term potential of clean energy technologies”, remove fossil fuel subsidies, scale up energy efficiency programmes, and step up spending on energy research and development, which has fallen by two-thirds since the 1980s.

“While our efforts to bring about a clean energy transformation are falling further behind, I want to stress the golden opportunity before us: if significant policy action is taken, we can still achieve the huge potential for these technologies to reduce CO2 emissions and boost energy security,” said IEA executive director Maria van der Hoeven.

“With the window of opportunity closing fast, when will governments wake up to the dangers of complacency and adopt the bold policies that radically transform our energy system? To do anything less is to deny our societies the welfare they deserve.”