COP28 pledges so far not enough to limit warming to 1.5C, warns IEA

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

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