The International Energy Agency (IEA) claimed on Sunday that a slew of new pledges unveiled at the COP28 climate meeting, ranging from tripling renewables to reducing methane emissions, will not be adequate to keep global warming to 1.5 degrees Celsius.
So far, 130 nations have promised to treble renewables and double the rate of energy efficiency gains, while 50 oil and gas corporations have agreed to eradicate methane emissions and routine flaring by 2030 as part of the Oil and Gas Decarbonisation Charter.
According to the IEA, if everyone kept their promises, world energy-related greenhouse gas emissions would be reduced by 4 billion metric tons of carbon dioxide equivalent by 2030.
This is around one-third of the emissions gap that must be addressed in the next six years to limit warming to 1.5 degrees Celsius above pre-industrial levels, as committed to in the 2015 Paris Agreement.
“They would not be nearly enough to move the world onto a path to reaching international climate targets”, the International Energy Agency (IEA) warned.
“The IEA will continue to monitor the ongoing developments at COP28 and update its assessment as needed”, IEA added.
The IEA previously stated that countries would need to deliver in five critical areas at COP28 to retain 1.5 degrees Celsius as a possibility.
In addition to increasing renewables, improving energy efficiency, and reducing methane emissions, it stated that a large-scale funding framework is required to treble clean energy investment in developing countries.
The IEA also stated that the world must commit to reducing its usage of fossil fuels and stop new approvals for unabated coal-fired power facilities.
The COP28 summit will last until December 12.
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