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Based on an analysis of more than 100 days of real data so far this year, the IEA’s Global Energy Review provides expectations for how energy consumption and carbon dioxide emissions trends are likely to evolve over the rest of 2020.
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Decarbonising these sectors will largely require the development of new technologies that are not currently in commercial use. "According to the IEA, a significant part of the challenge comes from major sectors where there are currently few technologies available for reducing emissions to zero, such as shipping, trucking, aviation and heavy industries like steel, cement and chemicals.
"Now is not the time to weaken support for this essential work.
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The aim is to build a grand coalition to help drive economic development and job creation by accelerating transitions towards clean, resilient and inclusive energy systems.
The message is very clear: in the absence of much faster clean energy innovation, achieving net-zero goals in 2050 will be all but impossible.
"There is a stark disconnect today between the climate goals that governments and companies have set for themselves and the current state of affordable and reliable energy technologies that can realise these goals," said Dr Fatih Birol, the IEA Executive Director.
It stresses that market-based policies and funding can help scale up value chains for small, modular technologies with overlapping innovation needs like new types of batteries and electrolysers, significantly advancing their progress.
For example, it would require rapid progress in new battery designs that are still at the prototype stage now to shift long-distance transport from fossil fuels to electricity.But the public and private sectors are currently falling short of delivering the innovation efforts to back up their net-zero ambitions –and the COVID-19 crisis is threatening to further undermine projects around the world focused on developing vital new energy technologies.