Without bolder action to reduce greenhouse gas emissions the world will not meet the goals set by the Paris climate accord, according to a new report by Wood Mackenzie.

Analysis in the ‘Energy Transition Outlook’ indicates that the world is on a trajectory for global warming above pre-industrial levels of three degrees Celsius rather than the target of two degrees Celsius.

Wood Mackenzie head of markets and transitions Americas David Brown said: “To reach the 2C goal, zero-carbon energy needs to account for 40% of the total energy mix by 2040, compared with just 15% we forecast in our Energy Transition Outlook.

“In context, zero-carbon energy contributed just 10% to global demand last year. Of this, 8% was supplied by nuclear and hydro, and 2% by solar and wind plants.

“Yes, policy is becoming more supportive in some markets – the UK just legislated an economy-wide net-zero carbon pathway by 2050 – but other large, energy-dense markets have made little to no progress.”

He added that each sector of the global economy has its own, nuanced set of decarbonisation challenges to address. “For example, the power sector produces 35% of total emissions,” he said.

“These can be reduced with more solar and wind, and the longer-term aspiration of achieving 100% renewables will be possible once long-duration energy storage is cost-effective and scalable,” Brown said.

Read more: reNEWS