• The first comprehensive report on COP28, indicates that the commitments would only reduce greenhouse gas emissions by 4 gig tons.
• According to the IEA, the pledges made “would not be nearly enough” to stay within the 1.5-degree limit.
• Over 120 countries, including the United States, have committed to tripling global renewable energy capacity.

International Energy Agency (IEA) reveals that the world is still falling short of the crucial 1.5-degree warming target. The first comprehensive report on COP28, indicates that the commitments would only reduce greenhouse gas emissions by 4 gig tons.

However, it required less than one-third of what is necessary to limit global warming to 1.5 degrees Celsius above pre-industrial levels. Scientists emphasize that life on Earth will face significant challenges beyond this point.

According to the IEA, the pledges made “would not be nearly enough” to stay within the 1.5-degree limit. While IEA Executive Director acknowledges the positive aspects of the pledges. He emphasizes that more countries need to join in, and there is a crucial need for commitments to decrease fossil fuel usage to bridge the existing gap.”

“IEA latest assessment  shows that if they are fully implemented by their signatories to date, they would bridge only 30% of the gap to reaching international climate goals,” Birol told to source. “There is a need for more countries and companies to join the pledges — and for agreement on an orderly and just decline of global fossil fuel use if we want to keep the 1.5 °C goal in reach.”

“At COP28, negotiators are exploring the possibility of including language that calls for the first-ever phase-out of fossil fuels, the primary contributor to climate change. This aspect has been a contentious topic with over 100 countries supporting some form of a phase-out, while certain oil-producing nations resist any mention of reducing oil and gas.

(IEA) analysis focused on pledges related to renewable energy, energy efficiency, and methane reduction, a potent greenhouse gas. Over 120 countries, including the United States, have committed to tripling global renewable energy capacity and doubling energy efficiency measures.

Additionally, 50 major oil and gas companies, including Exxon and Saudi Aramco, pledged to cut methane emissions by 80 to 90% from their operations by the end of the decade. They also agreed to eliminate routine flaring by 2030.

While coal production phase-down was agreed upon in 2021 at COP26, discussions regarding language on all fossil fuels, including oil and gas, are proving challenging.

These talks occur against the backdrop of 2023 being officially declared the hottest year on record, marked by severe climate-related events globally.  COP28 President Sultan Al Jaber noted progress but emphasized the need for faster negotiations.”

“Am I satisfied with the speed and the pace? The answer is ‘No,’” he told reporters on Sunday before convening a roundtable of ministers to try and break the impasse over several issues, including the future of fossil fuels.

“Time is ticking. The clock is ticking, and I’m sure you can all hear it, just like how I am able to hear it,” he said, “and we need to move much, much, much faster.”

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