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Warning: The world won’t hit climate goals unless energy innovation is rapidly accelerated

Warning: The world won't hit climate goals unless energy innovation is rapidly accelerated

New York (CNN Business)Solar and wind power are booming. Electric vehicles are so promising that Tesla is now worth more than ExxonMobil. Coal is collapsing.

And yet energy watchdogs are warning that not nearly enough is being done to fight the climate crisis.

The International Energy Agency sounded the alarm Thursday about the "critical need" to rapidly accelerate clean energy innovation. That's because the climate goals set by governments and corporations around the world depend on technologies that have not yet reached the market.

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"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," Fatih Birol, the IEA's executive director, said in a statement.

Major parts of the world economy don't have clean energy options as yet. Power companies are dumping coal in favor of increasingly affordable solar and wind power. And all the major auto makers are racing to develop the best electric vehicles to compete with Tesla.

Yet there are few technologies available to bring emissions down to zero in areas such as shipping, trucking and aviation, the IEA said. The same problem exists in heavy industries like steel, cement and chemicals.

"Decarbonizing these sectors will largely require the development of new technologies that are not currently in commercial use," the report said.
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