Pledges made by countries at the UN-backed climate talks in Dubai are not enough to limit global warming to the crucial 1.5-degree threshold, according to an analysis by the International Energy Agency (IEA). The commitments would only reduce greenhouse gas emissions by one-third of what is needed to cap global warming at 1.5 degrees Celsius. The IEA called for more countries and companies to join the pledges and emphasized the need for an orderly and just decline in global fossil fuel use. Negotiations at COP28 are discussing an agreement that could call for the phase-out of fossil fuels for the first time, but there are divisions over the issue.
The International Energy Agency (IEA) has warned that the current pledges made by countries at COP28 to reduce fossil fuel usage will not be enough to limit global warming to 1.5 degrees Celsius. The IEA's analysis suggests that the commitments fall short of the necessary actions needed to achieve the target set by the Paris Agreement.
Foreign donors have pledged €60 billion ($66 billion) of new financial support for Ukraine's reconstruction, as an international conference aimed at funding the war-ravaged country's reconstruction closed. The commitments from governments and international organisations target supporting Ukraine in the short- and medium-term. The bulk of the €60 billion comes from a €50 billion aid package that the European Union plans to roll out until 2027, which was announced on the eve of the conference.
