The energy world is set to change significantly by 2030, based on the current policy settings, which includes almost 10 times as many electric cars on the road worldwide, the International Energy Agency (IEA) said on Tuesday.

According to the IEA’s new ‘World Energy Outlook 2023’, the share of renewables in the global electricity mix would reach 50 per cent by 2030 from the current 30 per cent.

“The transition to clean energy is happening worldwide and it’s unstoppable. It’s not a question of ‘if’, it’s just a matter of ‘how soon’ — and the sooner the better for all of us,” said IEA Executive Director Fatih Birol.

The investment in new offshore wind projects would go up by three times by 2030 in new coal- and gas-fired power plants, the report mentioned.

Renewables are set to contribute 80 per cent to new power-generation capacity by 2030 under current policy settings, with solar power alone accounting for more than half of this expansion, according to the report.

“If countries deliver on their national energy and climate pledges on time and in full, clean energy progress would move even faster. However, even stronger measures would still be needed to keep alive the goal of limiting global warming to 1.5 degree Celsius,” the IEA report mentioned.

The combination of growing momentum behind clean energy technologies and structural economic shifts around the world has major implications for fossil fuels, with peaks in global demand for coal, oil and natural gas all visible this decade.

In this scenario, the share of fossil fuels in global energy supply, which has been stuck for decades at around 80 per cent, declines to 73 per cent by 2030, with global energy-related carbon dioxide (CO2) emissions peaking by 2025, the report mentioned.

“Every country needs to find its own pathway, but international cooperation is crucial for accelerating clean energy transitions,” Dr Birol said.

“In particular, the speed at which emissions decline will hinge in large part on our ability to finance sustainable solutions to meet rising energy demand from the world’s fast growing economies. This all points to the vital importance of redoubling collaboration and cooperation, not retreating from them.”

The report also explored the potential for stronger growth of solar PV this decade.