Countries that fail to reach their climate pledges will be warned in 2023.
Countries that fail to reach their climate promises will be warned at the UN’s next climate summit in 2023, according to the president of the International Energy Agency (IEA).
Fatih Birol said the COP26 Presidency appointed the IEA to monitor and report on countries’ progress in an interview with the Anadolu Agency on the sidelines of the COP26 summit.
Despite the fact that the Paris Climate Agreement, which was signed in 2015 at the COP21 summit and aims to keep global warming to 1.5 degrees Celsius above pre-industrial levels, is legally binding, there are no sanctions or penalties in place for countries that fail to meet their climate commitments.
Birol emphasized that the 2023 summit, which will be held in the United Arab Emirates, will assess countries’ progress.
“We’ll keep track of governments’ activities and let you know if they follow through on their commitments until 2023. We’ll reveal which countries adapt or default on their commitments “Birol remarked. “In terms of a warning, there will be some sort of consequence.”
A growing number of countries have pledged to achieve net-zero emissions by 2050 or 2060, with India aiming to do it by 2070.
Indonesia, Vietnam, Poland, South Korea, Egypt, Spain, Nepal, Singapore, Chile, and Ukraine, as well as major international banks, promised in the first week of COP26 to virtually halt all international public financing of new unabated coal power by the end of 2021.
The pledges to phase out coal were not signed by China or the United States.
Finance for climate change
Birol also stressed the importance of climate finance pledges, which he considers to be the most difficult problem in the fight against climate change.
In 2009, wealthy countries agreed to work together to raise $100 billion per year by 2020 to help developing countries carry out substantial mitigation steps with transparent implementation.
Despite the fact that the Paris Agreement reiterated this objective and the parties committed to continuing to accomplish it through 2025, the COP26 Presidency declared ahead of the conference that developed countries would only be able to meet the USD100 billion pledge in 2023.
“The developing world requires roughly USD1.1 trillion per year to combat climate change and make the transition to clean energy. Even the USD100 billion pledge is not being met by developed countries “Birol remarked.
Developing and emerging countries would account for nearly 90% of emissions, but just 20% of renewable energy investment will go to these countries, he added.
Energy investments have access to capital in established countries such as Japan, North America, and Europe, according to Birol, but not in developing countries and emerging markets.
He stated that 600 million people in Africa and one billion people worldwide do not have access to power, emphasizing that such countries face numerous obstacles in obtaining financing.
“Even more troubling is the fact that 2.6 billion people use wood and turf for cooking and heating. This is a major issue that causes respiratory sickness in both children and women. One of the most common three causes of premature mortality is this disease “Birol came to a conclusion.