Welcome to the world of funny money as ‘climate pledges’ are converted into imaginary dollars. PEI reports on the latest fantasy numbers as the Paris climate conference aka COP21 approaches.
The International Energy Agency (IEA) has today released a special briefing document that outlines the energy sector implications of national decarbonisation pledges submitted for the upcoming December climate summit in Paris, known as COP21.
The briefing finds that if all countries meet the goals outlined in their submitted pledges, growth in energy-related emissions – which account for two-thirds of total greenhouse gas emissions – will “slow to a relative crawl by 2030”.
And it calculates that the full implementation of these pledges will require the energy sector to invest $13.5 trillion in energy efficiency and low-carbon technologies between now and 2030, at an annual average of $840 billion. The report states that “actions in the energy sector can make or break efforts to achieve the world’s agreed climate goal”.
More than 150 countries have submitted pledges, accounting for around 90 per cent of global economic activity and almost 90 per cent of global energy-related greenhouse gas emissions today. By world region, all of the countries in North America have submitted pledges, almost all in Europe, around 90 per cent in Africa, two-thirds in developing Asia, 60 per cent in Latin America and one-third in the Middle East.
These countries currently account for around 90 per cent of global fossil fuel demand and almost 80 per cent of global fossil fuel production.
The form of the pledges varies, including concrete emissions targets, deviation from ‘business-as-usual’ emissions trajectories, emissions intensity targets, reductions or limitations in per-capita emissions, or statements regarding policies and measures to be implemented.