Experts call the IEA to approach global warming with greater force

IEA

A group of investment funds, scientific institutions, large companies, and experts are calling the International Energy Agency (IEA) to face global warming with greater force.

In a letter to IEA Executive Manager Fatih Birol, these experts and institutions demand greater commitment in the enforcement of the Paris Agreement.

The letter refers to the terms of the “Global Energy Outlook”, which shows the market forecasts on the speed at which the world could transit to a clean energy system.

Experts and investors are pressuring to modify the preparation process for this report and its influential outlook on fossil fuel demand.

This letter comes after the European Investment Bank agreed to gradually stop multi-million dollar financing to fossil fuels over the next two years.

According to EIB, it will dismiss polluting projects from its portfolio. After 2021, the institution will end its financial support for oil, gas, and coal projects.

In its Sustainable Development Scenario, the document warns that “additional changes will pose difficult challenges that will be very expensive to overcome.”

Definition and commitment

This is not the first time that these groups join to pressure the IEA authorities. In April 2019, they wrote another letter encouraging Birol to change the way this document is produced and presented.

Back then, they demanded that the report explicitly monitored scenarios consistent with the Paris Agreement that establish regulations to reduce greenhouse gas emissions.


Moreover, these specialists and activists focused their criticism on the fact that the document does not prioritize a scenario with good prospects to limit the rise of global temperatures at 1.5 °C, compared with pre-industrial levels.

Critics demand greater transparency

On this occasion, the 65 signatories of this letter published on Monday by Reuters warn that 2020 “marks a turning point for the world.”

They highlight that next year “we either realize the challenges and opportunities before us or we continue delaying and obstructing the low-carbon transformation.”

Analysts, pension funds, and investors reiterate the need for the IEA to produce a scenario that is “completely transparent.”


They also say that the agency should show how the world could achieve the most ambitious goals in the Paris Agreement.

German insurer Allianz, Swedish Zurich Insurance Group and the Danmark pension fund told Reuters they signed the letter. Other signatories include Unilever, IKEA, Nordea Life & Pension and Ørsted.

For more information, check Energía16

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