Governments’ Climate Pledges Not Enough to Meet Paris Agreement Targets, IEA Says

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MPs not moving fast despite ambitious targets, according to OECD watchdog

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A month after President Biden said the US and the EU would work to reduce global methane emissions—and weeks before delegates from around the world called for UN-led climate talks in Glasgow—the IEA told several Have a long term energy outlook. The agency estimated that pledges already announced by governments cover less than a fifth of the emissions the world must cut by 2030 if it is to be able to achieve net-zero emissions by 2050.

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“Getting to that path requires more than triple investment over the next decade in clean energy projects and infrastructure,” said Fatih Birol, executive director of the IEA, which is the energy watchdog for wealthy countries at the Organization for Economic Co-operation and Development.

The IEA said efforts to transition away from fossil fuels have not been without success. It said China’s recent decision to end its support for foreign coal-fired power plants could prevent emissions of 20 billion metric tons of carbon dioxide—nearly the same amount that would be netted by the European Union—to zero by 2050. emissions

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Still, politicians and business leaders are not investing enough in energy supply, the IEA said, pointing to recent energy-supply problems that have caused electricity prices to soar and lights businesses and consumer energy suppliers. Had to scramble to keep up.

Relatively low natural-gas inventories for the time of year and low air levels in Europe have prompted the prospect of a colder Northern Hemisphere winter thanks to the post-pandemic economic recovery, coal shortages in China and soaring fossil-fuel prices. matched with. Brent crude oil prices have risen nearly 60 per cent this year, while European benchmark gas prices are up 151% from their levels three months ago.

The IEA said in its report that the solution to the energy shortage is to dramatically increase investment in clean energy. Earlier this year, the Paris-based organization said that investments in new fossil-fuel supply projects must stop immediately if the world is to achieve net-zero carbon emissions by 2050.

“There is a risk of further turbulence for global energy markets. We are not investing enough to meet [our] Future energy needs, and uncertainty are setting the stage for a volatile period ahead,” said Mr Birol of the IEA.

The report also mentioned the economic benefits that may come with the transition. If realized, governments’ promises of green-energy investments would employ an additional 13 million workers worldwide by the end of the decade, according to the organization. The IEA said the pursuit of net-zero by 2050 would create a market for wind turbines, solar panels, batteries and other green-energy technologies that is worth about $1 trillion — roughly the size of the current oil market.

However, recent global energy-market turbulence has focused on fossil fuel producers such as the Organization of the Petroleum Exporting Countries and its allies. Analysts have highlighted the grip of oil-rich economies on the current energy crisis, although the Producers Coalition at its most recent meeting has opted not to relax oil production restrictions any more than previously planned.

In its long-term report released last month, OPEC predicted that population growth in developing countries would ensure that oil remains the world’s leading source of energy until at least 2045, with the rich countries excluding cartels from fossil fuels. With a growing aversion to produce. reap the rewards.

The report says the world’s poorer countries will see a sharp increase in energy demand in the coming decades, but there is a “large geographical imbalance” where clean energy investment is taking place. Mr Birol of the IEA said that “around 70% of that additional spending needs to be in emerging and developing economies, where financing is scarce.”

Developing countries have called on the world’s wealthiest countries to help finance their energy transition. South Africa’s environment minister said in July that developed countries should pay $750 billion annually to finance their shift from fossil fuels, and the IEA previously cited a lack of local counterparties’ creditworthiness and infrastructure for developing-world energy. are cited as factors reducing investment in projects.

David Hodari and [email protected]

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