As the climate crisis escalates, the world’s commitment to tackling climate change has never been more crucial.
However, there is still a significant gap between the climate objectives set out in international agreements such as the Paris Agreement and the tangible actions taken by nations to meet these challenges.
This is underlined by the recent report entitled NDCs and renewable energy targets in 2023 published by IRENA.
One of the central issues in this divide is the lack of alignment between the mitigation measures proposed and the scale of the problem. At present, a significant proportion of global greenhouse gas (GHG) emissions – more than 3/4 – comes from the energy sector.
Combating climate change therefore requires a rapid transition to renewable energy sources, electrification, improved energy efficiency and a gradual shift away from fossil fuels. Yet despite these imperatives, the climate commitments made by nations remain insufficient to achieve the vital goal of limiting the global temperature increase to 1.5 degrees Celsius.
While 184 countries have included renewable energy elements in their Nationally Determined Contributions (NDCs), only 148 have set quantified targets.
Moreover, these targets focus mainly on electricity, leaving out the decarbonisation of end-use sectors such as heating and transport. This gap between the NDCs and national policies highlights the need for greater harmonisation between global climate commitments and national targets.
The G20 countries, which account for most global emissions, are an excellent example of this gap. While these nations have set ambitious renewable energy targets in their national policies, their NDCs fall far short of these commitments. It is imperative to remedy this disparity, as this would send clear signals to investors and stakeholders, thereby catalysing the development of the renewable energy sector.
In addition, the Least Developed Countries (LDCs) and Small Island Developing States (SIDS), are disproportionately affected by climate change despite contributing very little to GHG.
These countries have set ambitious renewable energy targets in their NDCs but are struggling to attract adequate funding. Closing this financing gap is essential to ensure a fair and inclusive energy transition.
To achieve the ambitious targets set out in the Paris Agreement, concerted global efforts are important. To find out more, please take a look at the document below.