Stop oil and gas exploration this year to reach net zero by 2050, says IEA report

A new report published by the energy watchdog found that the net-zero target cannot be reached even if the current climate pledges set out by governments are successful.

In a radical road map, the IEA also urged global energy companies to stop new investments in coal plants. At the same time, it wants renewable energy growth to quadruple to keep global temperatures from rising 1.5 degrees Celsius above preindustrial levels.

Electrification is crucial to reducing emissions in the energy sector, which emits three-quarters of the world’s carbon dioxide, it said.

The IEA wants total energy investments to jump to $5 trillion each year until 2030—up from the current $2 trillion. Joint analysis by the IEA and the International Monetary Fund found that such a level of annual investment would increase global GDP growth by 0.4% a year.

Ramping up renewables

According to the IEA, massive investments should go toward renewable energy—adding 630 gigawatts (GW) of solar and 390GW of wind power to the grid each year until 2030, which is four times as great as the record 280GW added to the grid in 2020. The IEA hopes the global electricity sector would reach net-zero emissions by 2040.

Additionally, the IEA wants no new internal combustion engine cars sold by 2035, predicting that electric vehicle sales would go from 5% of total global car sales to more than 60% by 2030.

Since a big part of getting to net zero also involves investing in new technologies, the IEA wants governments to increase spending on R&D in technologies like advanced batteries, electrolyzers for hydrogen, and direct air capture so that these innovations can translate into mass production.

The report ends optimistically with idyllic images of a 2050 where 90% of the world’s electricity generation comes from renewable sources and coal demand has declined by 90% to just 1% of total energy use.

“Moving the world onto that pathway requires strong and credible policy actions from governments, underpinned by much greater international cooperation,” said IEA executive director Fatih Birol.

The report notes that the path to net-zero emissions will require a “singular, unwavering focus from all governments—working together with one another and with businesses, investors, and citizens.”

Explore Fortune’s Blueprint for a climate breakthrough package:

• Why it matters that the U.S. rejoined the Paris climate agreement
• Bill Gates on why the “miracles” of solar and wind energy won’t save us from climate change—and the breakthroughs that just might
• This ancient Roman material could unlock the secret to building greener and longer-lasting buildings
• What the future of clean energy may depend on
• Bill Gates: How “Green Premiums” can help us solve climate change
• These are the biggest trends in clean tech in 2021, investors say
• Dartmouth’s engineering dean on why buildings are the frontier for tackling climate change
• The electrification of the auto industry is speeding up—and shaking up the energy economy
• 8 photos show the “human footprint on the land”
• From concrete to steel, how construction makes up the “last mile” of decarbonization
• Inside the ambitious venture Bill Gates built to beat climate change
• Business leaders hope they can satisfy Biden’s big climate goals with their own promises—not regulation
• Meet the next generation of global climate activists
• Review: In an important new book, Bill Gates offers a real-world plan for avoiding a “climate disaster”
• Why we asked Bill Gates to be Fortune’s guest editor today