COP28 Pledges So Far Not Enough to Limit Warming to 1.5C: Warns IEA

 

Image Credit: Al-Jazeera

The International Energy Agency issued warning against the lack of progress in limiting the global warming as climate talks headed into the final phase.

Important Points from the COP28 Climate Summit Article:

Pledges insufficient to reach 1.5C target:

• IEA warns new pledges at COP28 are not enough to limit global warming to 1.5C.
• While 130 countries pledged to triple renewables and improve energy efficiency, and 50 oil & gas companies committed to cutting methane, these measures alone won't suffice.
• Even if delivered, these commitments would only reduce emissions by 4 billion metric tonnes of CO2 equivalent by 2030, which is only a third of the necessary reduction.

Urgency for action:

• COP28 President Jaber emphasized the need for quick progress and common ground on fossil fuels, including coal.
• Failure to reach a deal carries serious consequences, impacting the well-being of everyone.

IEA's five key areas for action:

• The IEA previously identified five key areas to keep 1.5C within reach:

1.     Increase renewable energy use.

2.     Improve energy efficiency.

3.     Reduce methane emissions.

4.     Implement a large-scale financing mechanism for clean energy in developing nations.

5.     Commit to a decline in fossil fuel usage and stop new unabated coal-fired power plant approvals.

Obstacles to progress:

• Saudi Arabia and India are reportedly the primary obstacles to an agreement on phasing out fossil fuels at COP28.

Timeline:

• COP28 runs until December 12th.

Explanation:

A raft of new pledges announced at the COP28 climate summit will not be enough on their own to limit global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit), according to the International Energy Agency (IEA), as the talks headed into the final phase on Sunday.

So far, 130 countries have agreed to triple renewables and double the rate of energy efficiency improvements, while 50 oil and gas companies have agreed to cut out methane emissions and eliminate routine flaring by 2030 under the Oil and Gas Decarbonisation Charter.

If everyone delivered on their commitments, it would lower global energy-related greenhouse gas emissions by 4 billion metric tonnes of carbon dioxide equivalent in 2030, the IEA said in an analysis.

That is about a third of the emissions gap that needs to be closed in the next six years to limit warming to 1.5C above pre-industrial levels, as agreed 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 IEA said on Sunday.

“The IEA will continue to monitor the ongoing developments at COP28 and update its assessment as needed,” it added.

Message from Jaber

COP28 President Sultan Ahmed al-Jaber also stepped up pressure on countries on Sunday to quickly resolve differences over a deal on fossil fuels.

“Failure is not an option. What we are after is the common good. What we’re after is what is in the best interest of everyone, everywhere,” al-Jaber, the CEO of the Abu Dhabi National Oil Co, said on Sunday.

“We need to find consensus and common ground on fossil fuel, including coal,” he added.

The IEA has previously said countries would need to deliver in five key areas at COP28 to keep 1.5C a possibility.

In addition to adding renewables, boosting energy efficiency and cutting methane, it said a large-scale financing mechanism is needed to triple clean energy investment in poorer nations. The IEA also said the world would need to commit to a decline in the use of fossil fuels and end new approvals of unabated coal-fired power plants.

The COP28 summit runs through December 12.

Saudi Arabia, a major oil producer, and India, which is heavily reliant on coal, are said to be the main obstacles to an agreement on phasing out fossil fuels at COP28.

(Source: Al-Jazeera)