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Energy agency. Complete new investments in fossil fuel supply

BERLIN (AP) – A report by the International Energy Agency says urgent action is needed to reshape the world’s energy sector to meet ambitious climate targets by 2050, including the completion of investments in new coal and oil wells.

The Paris-based agency said in a report released on Tuesday that it had decided that there was a narrow but viable way to build a global energy sector with zero greenhouse gas emissions by 2050.

Several countries, including the United States and the European Union, have promised to achieve zero emissions, which means that the atmosphere is emitted as much as it was absorbed in the middle of the century.

The IEA report sets out the 400 steps needed to produce, transport and use energy. These include no investment in new fossil fuel supply projects until the end of sales of passenger cars with new combustion engines by 2035.

IEA Executive Director Fatih Birol said the transformation would create millions of new jobs and boost economic growth around the world.

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