However, this is not the only area targeted in the report. The agency also touched on the issue of capturing carbon from the atmosphere, saying it did not meet expectations. In short, analysts expressed a fact that is obvious even without them, because these technologies are still at the demonstration and prototype stage.

Report details

The planet has warmed by 1.2 degrees in the last two years, giving rise to the Paris Agreement target of limiting warming to 1.5 degrees above pre-industrial levels by 2100. In light of this, the IEA revised its forecasts for new low-carbon technologies, finding that they were not effective enough. The expected contribution of both methods in combating climate change was reduced from 50 percent to 35 percent.

It is stated that Hydrogen production has so far done more climate harm than good. The problem is not with the water itself, but with its production methods. Since the main source of production is natural gas, they are not environmentally friendly. The US is trying to find new production methods focusing on renewable energy sources or combined methods (fossil fuels combined with carbon capture), but another problem is transportation.

The IEA is calling for doubling energy efficiency and recommending that the world’s richest countries reach zero emissions several years earlier than the set 2050 global target. In a new report, the agency highlights the need for an accelerated transition to renewable energy sources, tripling their capacity by 2030. At the same time, investments in clean energy are expected to grow from $1.8 trillion in 2021 to $4.5 trillion in the early 2030s.

IEA decisions could affect global climate policy. Recently, the UN held a climate summit in New York where countries discussed strengthening commitments to clean energy. Major carbon players such as the US and China did not attend the summit, but will have another chance to speak at the major UN climate conference in Dubai in November.