The Paris-headquartered International Energy Agency (IEA) indicated that while positive developments were attained at the COP28 Climate Change Summit, the commitments from more than 100 countries might still not be enough to put the world on track to the 1.5°C global warming limit cast in the Paris Agreement.

According to the agency, “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, “ referencing primarily to the goal of limiting global warming to 1.5 degrees C.”

IEA Executive Director Fatih Birol, in particular, laid down at the climate change summit at least five interdependent pillars that must be acted upon to keep global warming below 2.0 degrees C level.

These would delve with: tripling global renewable power capacity; doubling the rate of energy efficiency improvements; commitments by the fossil fuel industry – particularly by the oil and gas companies to align activities with the Paris Agreement and that shall start by cutting methane emissions from operations by 75%; establishing large-scale financing mechanisms to triple clean energy investment in emerging and developing economies; and committing to measures that ensure an orderly decline in the use of fossil fuels - including an end to new approvals of unabated coal-fired power plants.

As the COP28 summit draws to a close, it has been manifest that most of the pledges from many countries just mainly touch on three areas: the targeted investment ramp up on renewables, then enhancing energy efficiency ventures; and reducing methane emissions in the oil and gas industry.

Somehow, proposals on coal phaseout had remained debate-provoking - especially for many countries that are still struggling on advancing their economic growths without relying on fossil fuels.

To that end, the IEA stipulated that “the full delivery on these pledges – covering renewables, efficiency and methane/flaring – by the current signatories would result in global energy-related greenhouse gas emissions in 2030 being around 4 gigatonnes of CO2 (carbon dioxide) equivalent lower than would be expected without them.”

Overall, the global agency qualified that “reduction in 2030 emissions represents only around 30% of the emissions gap that needs to be bridged to get the world on a pathway compatible with limiting global warming to 1.5 C.”

As of latest count, roughly 130 countries already signed up to the pledge to triple global renewable power capacity by 2030; as well as double the annual rate of energy efficiency improvements by the turn of the decade.

Further, the IEA emphasized that 50 firms had so far committed to zero-out their methane emissions and eliminate flaring by 2030 – and that represent 40% of global oil production and 35% of combined oil and gas output.