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.
12-month period from Nov 2018 to Oct 2019 was 0.56°C warmer than the average during 30 year base period of 1981-2010, says @CopernicusECMWF #ClimateChange— WMO | OMM (@WMO) 6 de noviembre de 2019
Details https://t.co/zYrUYdteXR pic.twitter.com/zpGmMBHcgF
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.
En España 🇪🇸, la Red Emprende Verde impulsa la creación y la consolidación de empresas cuyas actividades económicas son sostenibles 🌍 Preservar el medio ambiente es esencial para nuestro #bienestar.— OCDE ➡️ Mejores Políticas para una Vida Mejor (@ocdeenespanol) 6 de noviembre de 2019
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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.”
Very pleased to present #WEO19 in Brussels @FriendsofEurope event today & great to hear from Director-General for Energy @EU_Commission @JorgensenJuul on how #WEO19 is underpinning their work on a new green deal. All of us @IEA look forward to continued strong collaboration. pic.twitter.com/4JRZMbru0X— Fatih Birol (@IEABirol) 18 de noviembre de 2019
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