Renewables and low carbon solutions need to increase from 12% of the energy supply in 2021 to 50%-70% by 2050 to limit global warming to 1.5°C.

That’s according to a new publication by the Boston Consulting Group (BCG) Center for Energy Impact called “The Energy Transition Blueprint” which suggests that this transition should be about three times faster than previous transitions.

To finance the energy transition, $37 trillion (£29.4tn) is needed by 2030, with only about $19 trillion (£15.1tn) currently committed, according to the report.

This leaves an investment gap of $18 trillion (£14.3tn).

Experts note that investment should go into both expanding solar and wind capacity and strengthening the electric grid to avoid wasted low carbon energy.

While oil and gas must be phased down, some selective investments are needed for energy supply security, the authors of the report have stressed.

Maurice Berns, a BCG Managing Director and Senior Partner who chairs the Center for Energy Impact and coauthored the report said: “Most of the tools we need to bring our energy system to net zero are already available.

“What we need, urgently, are the policies, proven business cases and capabilities to effect the biggest and most critical peacetime transformation in our economic history.”