Global RiskNews Briefs

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

According to the International Energy Agency (IEA), the world’s governments are not doing enough to prevent dangerous climate change despite pledges laid out by businesses and lawmakers over the past several months being put into action. On Wednesday, the IEA stated that rising temperatures will exceed the limit global leaders committed to in the Paris Agreement. The announcement comes a month after President Biden and the EU announced that they would work to cut global methane emissions. In just a few weeks, delegates from around the world are set to convene for UN-led climate negotiations in Glasgow. The IEA laid out several potential long-term energy scenarios.

The IEA stated that governments would need to cut less than a fifth of the emissions by 2030 to remain capable of achieving net-zero emissions by 2050. Although efforts to transition away from fossil fuels have been largely successful, climate change is still occurring. China’s recent decision to end support for foreign coal-fired plants may prevent the emission of 20 billion metric tons of carbon dioxide. This is how much would be saved by the EU hitting its target of net-zero emissions by 2050. However, the IEA stated that politicians and business leaders are still not investing enough in energy supply.

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