BloombergNEF – New Energy Outlook, 2024

BloombergNEF's New Energy Outlook for 2024 emphasizes the urgent need for decisive action to achieve net-zero emissions by 2050 and keep global warming below 1.75C. Progress has been made in the energy transition, but more aggressive measures are required, such as immediate emissions peaking and a tripling of renewable energy capacity by the end of the decade. Investment in low-carbon energy must increase significantly, with a $215 trillion price tag for a fully decarbonized global energy system by 2050. Whether the world reaches net-zero or not, the era of fossil fuels is ending, with renewables set to dominate the energy landscape. Failure to accelerate the transition could lead to a significant increase in global warming. Achieving a net-zero future is challenging but feasible with the right actions taken now.