COP28 commitments not enough to meet climate objectives – IEA

The International Energy Agency (IEA) stated on Sunday that the multitude of new commitments made at the COP28 climate summit will not be sufficient in themselves to restrict global warming to 1.5 degrees Celsius.

The new commitments aim to triple renewable energy and double energy efficiency by 2030, as well as sharp cuts in methane emissions.

Up to this point, 130 nations have committed to tripling their use of renewable energy and doubling the pace of enhancements in energy efficiency.

Additionally, under the Oil and Gas Decarbonisation Charter, 50 oil and gas firms have pledged to eradicate methane emissions and cease routine flaring by the year 2030.

According to the IEA analysis, if all commitments are fulfilled, it would result in a reduction of global energy-related greenhouse gas emissions by four billion metric tons of carbon dioxide equivalent by the year 2030.

This represents approximately one-third of the emissions reduction required over the next six years to keep global warming within 1.5C of pre-industrial levels, as stipulated in the 2015 Paris Agreement.

The IEA has earlier stated that to maintain the possibility of limiting global warming to 1.5C, nations would need to make significant strides in five crucial sectors at the COP28.

Besides increasing renewable energy, enhancing energy efficiency, and reducing methane emissions, the IEA stated that a significant financing structure is required to triple investments in clean energy in less wealthy countries.

The agency also called for a global commitment to decrease fossil fuel consumption and cease new authorizations of coal power plants without emission controls.