The International Energy Agency has released their latest World Energy Outlook report today, affirming global demand for oil, gas, and coal is on track to peak by the end of this decade and warning that failure to accelerate climate action now will put the world on course for a global average temperature rise of 2.4oC by the end of the century with disastrous consequences for people and the planet.
The pathway to achieve the Paris Agreement 1.5°C warming limit remains narrow, but still achievable. But not with current policies. The report states that getting on track will require at least doubling the global rate of energy efficiency improvements to provide larger emissions reductions by 2030, doubling current investment levels in renewable power, grids and battery storage, as well as implementing a fast and fair fossil fuel phaseout.
Tracy Carty, Global Climate Politics Expert, Greenpeace International said: "The report makes clear: there is a narrow but achievable pathway to 1.5°C, but governments must put clear fossil fuel transition plans in place now. The action we take in the next two years will shape how much climate-driven destruction we can avoid over the next two decades, and far beyond. Implementing the COP28 agreement to transition away from fossil fuels, embedded in clear Nationally Determined Contributions in alignment with 1.5°C, will be crucial to ensure any progress."
"Rich governments committing to an ambitious new climate finance goal at COP29 is also essential to bridge the urgent and growing gap in funding to developing countries to scale up renewables and phase out fossil fuels. And it must be a finance goal that makes the fossil fuel industry and other big polluters pay."
