Pledges at COP28 aren't enough to attain 1.5 C temperature: IEAtext_fields
Dubai: The International Energy Agency (IEA) stated on Sunday that the series of pledges taken at the COP28, including tripling renewables, reining in methane emissions, etc., won't be enough to limit global warming to 1.5 degrees Celcius, Reuters reports.
Under the Oil and Gas Decarbonisation Charter, 130 countries have agreed to triple renewables and double the rate of energy efficiency improvements so far. Also, 50 oil and gas companies agreed to cut out methane emissions and eliminate routine flaring by 2030.
IEA's analysis suggests that if the agreed parties were to keep to their commitments, the global-energy-related greenhouse gas emissions would lower by 4 billion metric tonnes of carbon dioxide equivalent in 2030. It is around one-third of the emissions gap that needs to be filled in the next six years to limit to 1.5C above preindustrial revolution levels. The benchmark was agreed on the 2015 Paris Agreement.
IEA says that the said pledges are not enough to move the world on the path to international climate targets. However, the agency will continue monitoring ongoing developments at COP28.
Earlier, IEA had said that the countries would need to deliver in 5 main areas at COP28 to reach the 1.5C target. It said that a large-scale financing mechanism is required to triple clean energy investment in poorer countries. The world must decline the use of fossil fuels and stop giving approval to unabated coal-fired power plants.