Global energy-related carbon dioxide (CO2) emissions could be reduced by 70 percent by 2050 and completely phased out by 2060, research by the International Renewable Energy Agency (IRENA) showed on Monday, March 20, according to Reuters.

To help achieve this, the share of renewable energy in primary energy supply would need to increase to 65 percent in 2050 from 15 percent in 2015, the report said.

An additional $29 trillion of energy investment would be needed to 2050, equivalent to 0.4 percent of global gross domestic product (GDP).

Such investment should provide stimulus that, with other policies supporting growth, would boost global GDP by 0.8 percent in 2050.

Globally, 32 gigatonnes of energy-related CO2 were emitted in 2015. Emissions need to fall to 9.5 gigatonnes by 2050 to limit global warming to no more than 2 degrees Celsius above pre-industrial temperatures, IRENA said.