The rapid rise of green power could see the planet avoid dangerous levels of warming, a new report says. 

Rystad Energy, a leading global energy modeller based in Norway, has issued an optimistic report on the progress towards decarbonisation worldwide. 

Despite continuous global emission increases, the firm highlights that the swift development and increased affordability of clean technologies are positioning the world to keep temperature rises within 2 degrees Celsius of pre-industrial levels.

Jarand Rystad, CEO of Rystad Energy, says disruptive technologies, particularly solar power, have been outcompeting fossil fuels and limiting emissions. 

Rystad predicts temperature increases between 1.6 to 1.9 degrees Celsius, with new methane emission reduction technologies offering an additional 0.2-degree reduction, bringing the 1.5-degree target within reach.

The report anticipates that the upcoming COP28 climate summit in Dubai will be crucial for discussions on enhancing efforts to curb global warming. 

Rystad identifies a dozen key technologies, with solar power at the forefront as the “cheapest form of energy in history”. 

The firm says solar installations need to grow from 250 gigawatts to 1,300 gigawatts by the mid-2030s. 

Despite the ambitious target, Rystad points out that 1,200 gigawatts of solar manufacturing capacity is already under construction globally, far exceeding Australia's largest power grid capacity.

In addition to solar power, Rystad sees significant gains in electrifying the transport fleet, noting that electric vehicles alone could lower total energy demand by 22 per cent by 2050. 

The report underscores the importance of batteries, carbon capture and storage, wind power, hydrogen, and heat pumps in achieving emission reduction goals.

Jarand Rystad says that the ongoing pace of change means policy support initiatives, such as carbon pricing and subsidies, are crucial for success.