The International Energy Agency has issued a stark warning that the world is likely to miss its goal of limiting rises in global temperatures to 2 degrees Celsius and outlined a four-point plan to wheel the strategy back on track.
The proposal comes in a new Special Report in the IEA’s flagship World Energy Outlook series, to which the EBRD contributed, entitled, “Redrawing the Energy-Climate Map”.
The IEA says that current global action is not yet sufficient to achieve existing temperature goals. Nevertheless, the target remains technically feasible but requires an intensive response.
The report emphasises the key role of the energy sector in limiting climate change. Within this context it outlines a four-point plan – its “four for 2 degrees” strategy that involves:
- accelerating the (partial) phase out of subsidies to fossil fuel consumption;
- adopting a broad range of specific energy efficiency measures;
- limiting the construction and use of the least efficient coal-fired power plants; and
- minimising methane gas emissions from upstream oil and gas production.
The IEA also indicates additional action that needs to be taken to achieve further reductions in temperature rises after 2020 and demonstrates that the energy sector needs to address now the risks that are implicit in climate change.
The EBRD has made addressing climate change and energy efficiency a key component of its strategy. Through its Sustainable Energy Initiative (SEI) has invested over €11 billion euro in supporting over 600 renewable energy development and energy efficiency projects since its launch in 2006.
The EBRD typically dedicates some 25-30 per cent of its annual investments to sustainable energy projects, a level which rises to 40 per cent within investments purely in the energy sector.