IEA assessment of the evolving pledges at COP28

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IEA assessment of the evolving pledges at COP28

News
10 December 2023

At the COP28 climate change conference in Dubai, pledges have been made in three key areas – by many countries on renewables and energy efficiency, and by a significant number of companies on methane. These are three of the five crucial areas for action highlighted by the International Energy Agency (IEA) ahead of COP28.

The IEA has now analysed what the impact would be on global energy-related greenhouse gas emissions if all the signatories of these pledges delivered on them in full. It shows that, while the pledges are positive steps forward in tackling the energy sector’s greenhouse gas emissions, they would not be nearly enough to move the world onto a path to reaching international climate targets, in particular the goal of limiting global warming to 1.5 °C.

As of Friday 8 December, around 130 countries had signed up to the pledge to triple global renewable power capacity by 2030 and double the annual rate of energy efficiency improvements every year to 2030. Those countries together account for 40% of global carbon dioxide (CO2) emissions from fossil fuel combustion, 37% of total global energy demand and 56% of global GDP.

In addition to the potential impact of those pledges, the IEA has assessed what the effect would be of the full implementation of the methane pledge of the Oil and Gas Decarbonisation Charter, which is to zero-out methane emissions and eliminate routine flaring by 2030. The 50 companies that have signed up to it account for about 40% of global oil production and 35% of combined oil and gas production.

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1. The Guardian: We really could triple renewables by 2030, but it won't be a breeze

We really could triple renewables by 2030, but it won’t be a breeze

Jillian Ambrose
The prospect of halving demand for coal is a goal worth striving for, but governments must stay the course

Sat 9 Dec 2023 13.00 GMT

In the past week almost 120 global leaders have pledged to triple the world’s renewable energy capacity before 2030 in a bold attempt to slash the global consumption of fossil fuels.

As the second half of the Cop28 UN climate conference in Dubai unfolds in the week ahead, more countries may join the calls for a global target of 11 terawatts (TW) of renewable power by the end of the decade, three times higher than the 3.629TW in place at the end of 2022.

Tripling the world’s renewables by 2030 is an “ambitious yet achievable goal”, according to the International Energy Agency (IEA). Based on the rate of growth for wind and solar power in recent years, the world is on track to meet this target.

But the global energy watchdog has warned that “stronger policy actions by governments” will be required to surmount the obstacles that threaten to slow the progress of wind and solar power developers. Overcoming challenges, such as rising costs, uncertain supply chains and grid bottlenecks, is considered essential for leaders struggling to hit their goal of limiting global heating to within 1.5C of pre-industrialised levels.

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