The International Energy Agency has warned that the pledges made at the COP28 climate conference are not enough to limit global warming to 1.5°C, even if they are fulfilled.
The countries of the world agreed on three of the five key areas for curbing climate change outlined by the IEA, Energy Voice reports.
It is noted that the results of COP28 were as follows:
- 130 countries have signed a commitment to triple global renewable electricity capacity and double the annual rate of energy efficiency improvements by 2030;
The IEA emphasized that these countries together account for 40% of global carbon dioxide emissions from burning fossil fuels, 37% of total global energy demand and 56% of global GDP
- 50 countries have signed the Oil and Gas Decarbonisation Charter, which aims to reduce methane emissions to zero and end regular flaring by 2030.
According to the IEA, signatory companies account for about 40% of global oil production and 35% of total oil and gas production.
"Although they [the agreements] are positive steps, these commitments will not be enough to move the world on the path to achieving international climate goals, in particular the goal of limiting global warming to 1.5 °C," the Agency emphasized, adding, that these commitments will reduce CO2-equivalent emissions by 4 gigatons by 2030.
The IEA said that this 2030 emissions reduction represents only about 30% of the emissions gap that needs to be covered to put the world on a path compatible with limiting global warming to 1.5°C.
Under the Paris Agreement to limit warming up to 1.5°C, greenhouse gas emissions must be reduced by 43% by 2030.
The article added that the COP28 summit attracted a record number of delegates involved in the fossil fuel industry.
Earlier, EcoPolitic wrote, that at the COP28 climate summit, 22 countries from four continents signed the Declaration on tripling nuclear energy capacity by 2050.
As EcoPolitic previously reported, world oil giants such as Exxon, Chevron, Shell and Saudi Aramco are ramping up investments in oil and gas production for record profits while cutting spending on green energy projects. Companies are effectively refusing to comply with international climate agreements, causing carbon emissions to continue to rise.
