Oil and gas-producing nations have sent congratulatory messages to Sultan Al-Jaber following the relative success of COP26. However, according to scientific consensus, the world has a lot still to achieve in order to halt the increase in global temperature to 1.5 degrees. For this target to be achieved, global decarbonization must occur at around 40% by 2030. At present, we are set to decarbonize at a measly 10%, falling substantially short of the 1.5-degree goal.
Despite the progress made, climate policy groups argue that there are crucial elements missing from the deal. The main problem lies in the absence of binding language that orders nations to reduce their carbon emissions by a set amount by a specific point in time. The current framework of the agreement is voluntary, raising concerns about effective enforcement.
The agreement leaves room for oil-rich nations such as Saudi Arabia to continue ramping up production since there's no mention of specific cut-offs or targets for fossil fuel emissions. Even if there's an increase in renewable energy production, the potential environmental impact of a continued reliance on fossil fuels can't be overlooked.
Currently, solar and wind energy are the cheapest forms of energy in history. Yet, they are not being harnessed efficiently to replace aging, polluting infrastructures. The world's insatiable demand for cheap energy is a significant stumbling block. The pull of economic gain makes it hard for companies with profitable fossil fuel reserves to leave oil in the ground for the sake of the environment.
That said, there's a general acknowledgment among industry insiders that the transition from fossil fuels to renewable energy is happening. The reservations are concerning the pace of this change. While limiting the rise in global temperature to 1.5 degrees might be a challenging hurdle to surmount, progress at COP26 is an undeniable step forward in the fight against climate change.
