The ETC is made up of global experts from energy companies, the investment sector, public and academic institutions and foundations and aims to identify ways to change the world's energy systems to low-carbon sources.
The ETC commissioned consultancy Ecofys to analyze the national climate plans of 17 countries and regions which account for 78 percent of global energy-related carbon dioxide emissions.
Those countries are China, United States, India, Russia, Japan, Iran, Brazil, Indonesia, Mexico, Saudi Arabia, South Africa, Turkey, Argentina, Vietnam, Nigeria, Ethiopia and the European Union.
The plans, known as Intended Nationally Determined Contributions (INDCs), are the building blocks of a landmark deal reached in Paris last December to limit the rise in global average temperature to "well below" 2 degrees Celsius this century.
To keep below 2 degrees, the share of low-carbon energy sources in the global energy supply mix needs to rise at least one percentage point a year and energy productivity needs to grow at a minimum of 3 percent a year, the report said.
"The 17 INDCs analyzed show an increase in the use of low-carbon energy of only 0.4 percentage points per year and improvements in energy productivity by just 1.8 percent per year, far below what is required," said Adair Turner, chairman of the ETC.
"A far faster transition is needed to achieve the 'well below' 2 degree goal. We must focus not only on decarbonizing power, but also on taking the carbon out of other energy supply and dramatically increasing global energy productivity improvement," he added.
Last week 175 nations took the first step of signing the Paris Agreement, but scientists have said current INDCs are not enough to keep warming below 2 degrees.
Read more at Radical Action Needed to Decarbonize World Energy Supply: Report
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