International Energy Agency (IEA) released a report yesterday, May 18, saying that world economies must put a stop to investment in new fossil fuel supply projects immediately to ensure a shift to a net-zero energy system by 2050.

According to IEA, the global CO2 emissions expected to rise at the second-fastest pace ever in 2021.

While reiterating that the goal to bring emissions to zero is narrow but still achievable, Fatih Birol, the IEA Executive Director, said, “The scale and speed of the efforts demanded by this critical and formidable goal – our best chance of tackling climate change and limiting global warming to 1.5 °C – make this perhaps the greatest challenge humankind has ever faced.”

The report states that global coal burning is at a record high and the surge in industrial activity in Asia is one of the reasons for much higher emissions.

Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.

(Edited by : Abhishek Jha)