No more investments in new oil and gas fields should be sanctioned if the world is to have a shot at achieving net zero greenhouse gas (GHG) emissions by 2050, the International Energy Agency (IEA) said Tuesday.

The world’s oil and gas needs in a net zero world can be met by projects greenlit as of 2021, the global energy watchdog concluded in a report titled, Net Zero by 2050: A Roadmap for the Global Energy Sector.

The report sets out more than 400 milestones to guide emissions to net zero by 2050 and keep the human-induced global temperature rise under 1.5 degrees Celsius.

“These include, from today, no investment in new fossil fuel supply projects, and no further final investment decisions for new unabated coal plants,” researchers said. “By 2035, there are no...