the International Energy Agency (IEA) cautioned that the collective pledges made at COP28, ranging from tripling renewables to curbing methane emissions, fall short of achieving the crucial 1.5 degrees Celsius global warming limit. As of now, 130 countries have committed to tripling renewables and doubling energy efficiency rates, while 50 major oil and gas companies have endorsed the Oil and Gas Decarbonisation Charter, vowing to eliminate routine flaring and reduce methane emissions by 2030.
However, the IEA analysis indicates that even if all nations and companies fulfill their commitments, the resulting reduction in global-energy related greenhouse gas emissions by 4 billion metric tonnes of carbon dioxide equivalent in 2030 would only represent a third of the necessary emissions gap outlined in the 2015 Paris Agreement. The accord aims to limit global warming to 1.5 degrees Celsius above preindustrial levels.
The IEA emphasized that while these initiatives mark positive steps, they alone are insufficient to align the world with international climate targets. The agency had previously outlined five key areas that needed attention at COP28 to maintain the possibility of limiting global warming to 1.5 degrees Celsius. These areas include an increase in renewables, enhanced energy efficiency, methane reduction, the establishment of a substantial financing mechanism to triple clean energy investment in impoverished nations, a commitment to decreasing fossil fuel use, and halting the approval of new unabated coal-fired power plants.
The IEA pledged to continue monitoring developments at COP28, updating its assessment as needed to address the ongoing challenges in meeting climate goals.
