Low-carbon investments are necessary for driving the energy system transformation called for by both the Paris Agreement and Sustainable Development Goals. Improving understanding of the scale and nature of these investments under diverging technology and policy futures is therefore of great importance to decision makers. Here, using six global modelling frameworks, we show that the pronounced reallocation of the investment portfolio required to transform the energy system will not be initiated by the current suite of countries' Nationally Determined Contributions. Charting a course toward 'well below 2 °C' instead sees low-carbon investments overtaking fossil investments globally by around 2025 or before and growing significantly thereafter. Pursuing the 1.5 °C target demands a marked up-scaling in low-carbon capital beyond that of a 2 °C-consistent future. Actions consistent with an energy transformation would increase the costs of achieving energy access and food security goals but reduce those for achieving air quality goals.

Many countries have implemented national climate policies to accomplish pledged Nationally Determined Contributions and to contribute to the temperature objectives of the Paris Agreement on climate change. In 2023, the global stocktake will assess the combined effort of countries. Here, based on a public policy database and a multi-model scenario analysis, we show that implementation of current policies leaves a median emission gap of 22.4 to 28.2 GtCO 2 eq by 2030 with the optimal pathways to implement the well below 2°C and 1.5°C Paris goals. If Nationally Determined Contributions would be fully implemented, this gap would be reduced by a third. Interestingly, the countries evaluated were found to not achieve their pledged contributions with implemented policies (implementation gap), or to have an ambition gap with optimal pathways towards well below 2°C. This shows that all countries would need to accelerate the implementation of policies for renewable technologies, while efficiency improvements are especially important in emerging countries and fossilfuel-dependent countries.

he Paris Agreement sets the framework for international climate action. Within that context, countries are aiming to hold warming well below 2 °C and pursue limiting it to 1.5 °C. How such global temperature outcomes can be achieved has been explored widely in the scientific literature [1][2][3][4] and assessed by the IPCC, for example, in its Fifth Assessment Report (AR5; ref. 5 ) and its Special Report on Global Warming of 1.5 °C (SR1.5; ref. 6 ). Studies explore aspects of the timing and costs of emissions reductions and the contribution of different sectors 3,7,8 . However, there has been critique that, with the exception of a few notable studies [9][10][11][12] , the scenarios in the literature first exceed the prescribed temperature limits in the hope of recovering from this overshoot later through net-negative emissions [13][14][15][16] . Some pioneering studies [10][11][12] have explored implications of limiting overshoot through, for example, zero emissions goals, or have looked into the role of bioenergy with carbon capture and storage (BECCS) in reaching different temperature targets 9 . All these studies have relied on one or two models and/or a limited set of temperature targets.We bring together nine international modelling teams and conduct a comprehensive modelling intercomparison project (MIP) on this topic. Specifically, we explore mitigation pathways for reaching different temperature change targets with limited overshoot. We do this by adopting the scenario design from ref. 11 and contrast scenarios with a fixed remaining carbon budget until the time when net-zero CO 2 emissions (net-zero budget scenarios) are reached with scenarios that use an end-of-century budget design. The latter carbon budget for the full century permits the budget to be temporarily overspent, as long as net-negative CO 2 emissions (NNCE)

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Mitigation-Process Integrated Assessment Models (MP-IAMs) are used to analyze long-term transformation pathways of the energy system required to achieve stringent climate change mitigation targets. Due to their substantial temporal and spatial aggregation, IAMs cannot explicitly represent all detailed challenges of integrating the variable renewable energies (VRE) wind and solar in power systems, but rather rely on parameterized modeling approaches. In the ADVANCE project, six international modeling teams have developed new approaches to improve the representation of power sector dynamics and VRE integration in IAMs. In this study, we qualitatively and quantitatively evaluate the last years' modeling progress and study the impact of VRE integration modeling on VRE deployment in IAM scenarios. For a comprehensive and transparent qualitative evaluation, we first develop a framework of 18 features of power sector dynamics and VRE integration. We then apply this framework to the newlydeveloped modeling approaches to derive a detailed map of strengths and limitations of the different approaches. For the quantitative evaluation, we compare the IAMs to the detailed hourlyresolution power sector model REMIX. We find that the new modeling approaches manage to represent a large number of features of the power sector, and the numerical results are in reasonable agreement with those derived from the detailed power sector model. Updating the power sector representation and the cost and resources of wind and solar substantially increased wind and solar shares across models: Under a carbon price of 30$/tCO2 in 2020 (increasing by 5% per year), the model-average cost-minimizing VRE share over the period 2050-2100 is 62% of electricity generation, 24%-points higher than with the old model version. Highlights: We develop a comprehensive framework to evaluate power sector modeling in IAMs  We evaluate 6 new modeling approaches to represent variability of wind and solar  Most IAMs now represent key power sector dynamics, as shown by hourly model REMIX  Previous integration modeling was in many of the analyzed IAMs too restrictive  IAMs with new approaches show on average 24%-points higher wind/solar shares than before Keywords:Integrated assessment models (IAM); variable renewable energy (VRE); wind and solar power; system integration; power sector model; flexibility options (storage, transmission grid, demand response); model evaluation; model validation.3