![: IEA analysis warns that COP28 pledges on renewable, energy efficiency, and methane fall short of the drastic emissions reduction needed to achieve the 1.5°C global warming target. The study indicates that even if fully delivered, current commitments would only close around 30% of the emissions gap required for a climate-resilient future.]](https://i0.wp.com/indianf.com/wp-content/uploads/2023/08/cop28.jpg?fit=290%2C149&ssl=1 "cop28")
At the COP28 climate change conference in Dubai, significant pledges have been made by many countries on renewable and energy efficiency, alongside commitments from numerous companies on methane reduction. However, the International Energy Agency (IEA) warns that these promising steps, while positive, would not suffice to put the world on track to meet international climate targets, notably the critical goal of limiting global warming to 1.5°C. The IEA’s analysis underscores the urgency for more ambitious action to address the looming climate crisis.
RENEWABLES, ENERGY EFFICIENCY, AND METHANE REDUCTION
Key pledges at COP28 focused on tripling global renewable power capacity by 2030, doubling the annual rate of energy efficiency improvements, and zeroing-out methane emissions, with an additional commitment to eliminate routine flaring by 2030. These initiatives represent positive strides, with around 130 countries and 50 companies signing up, collectively accounting for a substantial portion of global carbon dioxide (CO2) emissions from fossil fuel combustion.
PLEDGES FALL SHORT OF AMBITIOUS TARGETS
The IEA’s analysis, however, paints a sobering picture. Even if all signatories fully deliver on these commitments, the resulting reduction in global energy-related greenhouse gas emissions by 2030 would only amount to approximately 30% of the emissions gap necessary for aligning with the 1.5°C warming target. The IEA emphasizes the stark reality that additional and more ambitious efforts are urgently needed to bridge this substantial emissions gap.
CURRENT PLEDGES AND FUTURE EMISSION REDUCTIONS
The countries and companies that have pledged action account for 40% of global CO2 emissions from fossil fuel combustion, 37% of total global energy demand, and 56% of global GDP. While their commitments are commendable, the IEA highlights that their combined efforts would result in emissions being around 4 gigatonnes of CO2 equivalent lower in 2030 compared to a scenario without these pledges.
PATH TO 1.5°C: IEA’S WARNING ON EMISSIONS GAP
The IEA’s Net Zero Emissions by 2050 Scenario indicates that the current pledges only address a fraction of the emissions gap required to achieve the 1.5°C goal. With ongoing developments at COP28, the IEA commits to monitoring and updating its assessment as needed, emphasizing the imperative for more robust, ambitious, and immediate actions to secure a sustainable, climate-resilient future.
