The Global Energy and Climate Outlook (GECO) 2023 published by the European Commission’s Joint Research Centre presents an updated view of the implications of energy and climate policies around the world. Global emissions are projected to peak during the current decade, but failing to implement additional policies puts the world on a trajectory towards a long-term temperature increase of 3°C.
The current decade is key for keeping the 1.5°C target possible. GECO 2023 highlights the global investment needs of the 1.5°C scenario. Accelerated decarbonisation efforts are needed across all sectors of the economy. Energy sector investments need to triple this decade, doubling energy efficiency rates and bringing renewables deployment to 11 TW by 2030. This transition comes along with substantial investment spill-over and stimulus effects, boosting investment and employment across value chains, e.g. in the construction and electrical and equipment goods manufacturing sectors.
The report, as well as the model results, are available for download at here.