The annual World Energy Outlook 2023 (WEO) report reiterates that “bending the emissions curve remains possible”. However, even more decisive measures are needed to maintain this goal.
The current use of fossil fuels exceeds the limit to effectively keep global warming under 1.5 degrees. This cautionary note was issued by the International Energy Agency (IEA) in its annual report.
COP28 Summit is just weeks away
Despite the growth of clean energy within existing policies, global emissions are projected to remain high. This could potentially increase average global temperatures by about 2.4 °C this century, well over the key threshold set by the Paris Agreement.
This report is released just weeks before the COP28 summit, scheduled to begin in November in Dubai. The “COPs” are United Nations global climate conferences that have aimed to stabilize greenhouse gas emissions and mitigate climate change since 1995.
Five-Point Strategy
The WEO-2023 proposes a global strategy to realign the world by 2030. This strategy consists of five key goals:
- Triple the global renewable capacity;
- Double the rate of improvement in energy efficiency;
- Reduce methane emissions from fossil fuel activities by 75%;
- Implement innovative and large-scale financing mechanisms to triple investments in clean energy in emerging and developing economies;
- Introduce measures to systematically reduce the use of fossil fuels, including the cessation of new permits for coal-fired power plants without restrictions.