The IEA analyzed the potential impact of two significant voluntary commitments declared with much fanfare on December 2, 2030. The first, from 130 countries (excluding China), commits to a tripling of renewable energy resources and improving energy efficiency by 2030. The second is a charter signed by 52 oil and gas companies, primarily to reduce methane leaks.
Projections before COP28 by the IEA suggested that by 2030, energy-linked emissions would hit 38 billion tonnes of greenhouse gases. However, these voluntary initiatives are expected to cut only 4 billion tonnes, falling short of the required trajectory for mitigating climate change and achieving mid-century carbon neutrality objectives.
Even though these commitments are a positive milestone, they are considerably inadequate to meet the international climate goals, particularly the target of capping the temperature rise at 1.5 degrees Celsius above pre-industrial levels, the IEA reports.
At the COP28, United Nations Secretary-General António Guterres urged global leaders to agree upon significant emission cuts to prevent temperature increases beyond the critical 1.5-degree mark. Speaking at the Doha Forum, Guterres noted that despite numerous pledges, emissions have reached record levels, primarily driven by fossil fuel consumption.
