But it also said the world would need need to invest nearly $4.5 trillion per year in the transition to cleaner energy from the start of the next decade, up from spending of $1.8 trillion expected in 2023.
Temperatures have hit record levels this year and global averages are around 1.1C higher compared with the pre-industrial average.
In its update to its Net Zero Roadmap, which proposes scenarios to reach net zero emissions by the middle of the century, the IEA said an increase in solar power capacity and in electric vehicle (EV) sales since 2021 were in line with targets, as well as infrastructure plans in both fields.
The IEA pathway to net zero will also require an equitable transition, taking into account national circumstances and requiring advanced economies to reach net zero sooner than developing economies, the report said.
"Governments need to separate climate from geopolitics, given the scale of the challenge at hand," IEA Executive Director Fatih Birol said.
Persons:
Fatih Birol, Forrest Crellin, Barbara Lewis
Organizations:
International Energy Agency, IEA, Thomson
Locations:
Paris