The US and Saudi Arabia are taking COP28 pledges seriously
(EurActiv, 8 Feb 2024) The US and Saudi Arabia have reduced investment in oil and gas supply, putting consuming countries in front of their responsibilities by forcing them to act and deliver on their COP28 pledges, writes Thierry Bros.
hierry Bros is a Professor at Sciences Po Paris and a contributor to Natural Gas World, an independent specialised website.
Assuming COP28 pledges to limit global warming are met, both the energy and climate crises would be solved.
According to the UN summit’s pled on renewables and energy efficiency, adopted last December in Dubai, “to limit warming to 1.5°C, the world requires three times more renewable energy capacity by 2030, and must double the global average annual rate of energy efficiency improvements from around 2% to over 4% every year until 2030”.
But meeting these objectives will be a tall order.
First, let’s make it clear that, contrary to the Dubai pledge, energy efficiency (as measured by unit of energy per $ of GDP) was not equal to 2% of compound annual growth rate in 2012-2022 but only equal to 1.5%.