BAKU, Azerbaijan, June 21. The International Energy Agency (IEA) estimates that at least USD 90 billion of public funding needs to be raised by 2026 to complete a portfolio of demonstration projects for technologies that could be commercially ready by 2030 and contribute to achieving net zero emissions by mid-century, Trend reports.
IEA says in its latest report that without a major acceleration in clean energy innovation, reaching net zero emissions by 2050 will not be possible.
“Technologies that are available on the market today are able to provide nearly all of the emissions reductions required by 2030 in the Net Zero Emissions by 2050 scenario (NZE), but going all the way to net zero will require the widespread use after 2030 of technologies that are still under development today. By 2050, almost 50 percent of CO2 emissions avoided in the NZE require technologies that are not yet past the demonstration stage, a share that is even higher in sectors such as heavy industry and long-distance transport. Major efforts are vital this decade for these technologies to reach markets at large scale as soon as possible,” reads the report.
The report reveals that innovation cycles for early-stage clean energy technologies need to be more rapid for the NZE than what has typically been achieved historically.
“Bringing clean energy technologies under development to market by 2030 requires going from first prototype to market 20 percent faster on average than the quickest energy technology developments in the past, and around 40 percent faster than was the case for solar PV. Technologies at the demonstration stage, such as carbon capture utilization and storage (CCUS) in cement production, are brought into the market by 2024 in the NZE. Hydrogen-based steel production, direct air capture and other technologies at the large prototype stage reach commercial scale by 2026 at the latest, with most technologies at small prototype stage – such as solid-state refrigerant-free cooling or solid-state batteries – doing so by 2030.”
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