Global emissions are set to peak this decade, then fall to 2017 levels by 2030 and lead to a 3°C temperature rise by 2100 in a Reference scenario. To keep the 1.5°C target possible, massive investment in decarbonisation is needed in the current decade, according to a JRC modelling exercise.
The results show that energy sector investments need to increase by 70% this decade, reaching over $3 trillion by 2030, energy efficiency rates double, and renewables deployment reaches 11 TW by 2030 in the 1.5°C scenario. Scaling up investments in clean technologies compensates for declining investments in fossil fuels, boosting demand for investment across different sectors in the economy, such as the construction and manufacturing sectors. This requires a bigger workforce, in both direct jobs, and jobs across the value chain.
Published in the report Global Energy and Climate Outlook 2023, the findings show that the energy sector investment…
