Dubai, UAE
The International Energy Agency (IEA) on Sunday (Dec 10) released its first detailed assessment of the ongoing COP28 climate talks in Dubai, and it couldn’t be more concerning.
The experts concluded that despite the commitments made during the summit by more than 100 nations, the world was still off track to cap global warming to the crucial 1.5-degree threshold.
The analysis showed that fresh pledges would lead to reduced gas emissions by four gigatons; however, it was just one-third of what was required.
The pledges “would not be nearly enough” to keep global heating to 1.5 degrees, said an IEA statement.
The IEA’s Executive Director Fatih Birol was quoted as saying by CNN that enough countries had not joined pledges to wean themselves off fossil fuels.
“The IEA’s very latest assessment of these pledges 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 CNN.
"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," he added.
Key pledges
Over 120 countries, including the United States, have agreed to triple global renewable energy capacity and double energy efficiency measures.
Fifty major oil and gas companies, such as Exxon and Saudi Aramco, have committed to reducing methane emissions by 80 to 90 per cent.
Similarly, companies have also pledged to abandon the practice of flaring by 2030. Flaring is the deliberate burning of natural gas during oil extraction.
Also read: Climate financing: Progress made at COP28, but is it enough?
Companies sometimes flare natural gas to depressurise systems during oil drilling, though, at other times, flaring occurs when an operator doesn’t need or want to collect all the gas available, often because it’s cheaper to burn it than collect it.
Contention
However, negotiations on language related to all fossil fuels, including oil and gas, are proving contentious.
While over 100 countries support a fossil fuel phase-out, some oil-producing nations resist any reference to reducing oil and gas.
Watch: COP28 summit in Dubai: India offers to host climate talks in 2028
These discussions come amidst the backdrop of 2023 being officially recognised as the hottest year on record, marked by severe climate-related events worldwide.
(With inputs from agencies)