Global energy-related carbon dioxide (CO2) emissions could be reduced by 70% by 2050 and completely phased out by 2060, research by the International Renewable Energy Agency (IRENA) showed on Monday.
To help achieve this, the share of renewable energy in primary energy supply would need to increase to 65% in 2050 from 15% in 2015, the report said.
An additional $29 trillion of energy investment would be needed to 2050, equivalent to 0.4% of global gross domestic product (GDP).
Such investment should provide stimulus that, with other policies supporting growth, would boost global GDP by 0.8% in 2050.
Global ly, 32 gigatons of energy-related CO2 were emitted in 2015. Emissions need to fall to 9.5 gigatons by 2050 to limit global warming to no more than 2 degrees Celsius above pre-industrial temperatures, IRENA said.