Some 90% of energy Carbon dioxide emission reduction can be achieved through expanding renewable energy deployment and improving energy efficiency, IRENA and IEA said.
"The Paris Agreement reflected an unprecedented worldwide determination to act on climate. The focus must be on the decarbonision of the global energy system as it accounts for nearly two-thirds of greenhouse gas emissions", IRENA Director-General Adnan Z. Amin said. Today around the world, new renewable power plants are being built that will generate electricity for less cost than fossil-fuel power plants. Two-thirds of the country's electricity demand growth was served by renewables, mostly large-hydro and wind.
"We are in a good position to transform the global energy system but success will depend on urgent action, as delays will raise the costs of decarburization", he said in a statement.
According to IEA and IRENA analysis, such as investment would boost global GDP by 0.8% by 2050 and create enough jobs in the renewables sector to offset losses in fossil fuel industries.
The energy transition is affordable, the report claims, although cumulative additional investment would amount to around $29trn by 2050, this is in addition to the $116trn envisioned under a "business as usual" reference case.
New data from the IEA shows global emissions from the energy sector stood at 32.1 gigatonnes in 2016, unchanged from the previous two years.
Investing heavily in renewable power and energy efficiency to keeping warming below 2 degrees Celsius (3.6 Fahrenheit), in accordance with the landmark Paris Agreement, will increase the global economy around 0.8% by 2050, the International Renewable Energy Agency said Monday in a report produced for the German government. The organization found energy intensity improvements will double.
The IRENA scenario also predicts that more jobs will be created than lost.
Renewables supplied more than half of the global electricity demand growth past year, with hydropower accounting for 50% of this, while coal demand fell worldwide. Liquid biofuel production must grow ten-fold.
To change this outlook, the report calls for an energy transition of "exceptional scope, depth and speed" to be introduced that sees energy-related emissions peak before 2020, and then fall by 70%.
Ambitious measures would include "the rapid phase-out of fossil fuel subsidies, CO2 prices rising to unprecedented levels, extensive energy market reforms, and stringent low-carbon and energy efficiency mandates would be needed to achieve this transition", it said.