There are multiple ways of achieving net zero. The most pragmatic, however, is based on renewable energy. To stay in line with the Paris Agreement goals, IRENA’s World Energy Transitions Outlook notes that renewables must provide 90 per cent of the global power supply by 2050, up from 26 per cent in 2019.
This figure reflects both market trends and the cost of renewables-based electricity, which is currently the cheapest power option in most regions. This is particularly true of the Middle East where recent power auctions have resulted in record-low solar prices at below $0.03 per kilowatt-hour.