‘Energy groups must stop new oil and gas projects to reach net zero by 2050’ Business May 19, 2021 Paris: All future fossil fuel projects must be scrapped if the world is to reach net-zero carbon emissions by 2050 and to stand any chance of limiting warming to 1.5C, the International Energy Agency said Tuesday. In a special report designed to inform negotiators at the crucial COP26 climate summit in Glasgow in November, the IEA predicted a "sharp decline in fossil fuel demand" in the next three decades as well as a 2040 deadline for the global energy sector to achieve carbon neutrality. The Paris-based think tank called for a rapid and vast ramping up of renewable energy investment and capacity, which bring gains in development, wealth and human health.