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)
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