New commitments made at the ongoing COP28 climate summit fall short of the drastic emission cuts needed to meet international climate goals, according to a report released by the International Energy Agency (IEA) on Sunday.
While governments and companies have pledged to boost renewable energy, improve energy efficiency, and reduce methane emissions, these efforts only cover three of the five critical areas identified by the IEA for achieving significant progress.
Even if fully implemented, these pledges would only achieve a 30% reduction in global energy-related greenhouse gas emissions by 2030.
This represents a significant gap compared to the emission reductions necessary to limit global warming to 1.5 degrees Celsius, a key goal of the Paris Agreement.
According to the IEA, achieving this target requires closing a gap of around 13 gigatons of CO2 equivalent.
“The pledges made at COP28 are a positive step, but they are not nearly enough,” said IEA Executive Director Fatih Birol.
“We need to see much more ambitious action if we are to limit global warming and avoid the worst impacts of climate change,” said IEA Executive Director Fatih Birol.
The IEA report’s findings highlight the urgency of accelerating the transition to a clean energy economy.
This will require additional efforts beyond the current pledges, including stricter regulations, increased carbon pricing, and greater investment in clean technologies.
“There is still time to take action, but the window is closing,” Birol added. “The world needs to come together and make a concerted effort to achieve the goals of the Paris Agreement.”