The IEF at COP26
The International Energy Forum is participating in the United Nations Climate Change Conference COP26 in Glasgow this week, with a particular focus on the energy sector.
All 71 members of the IEF are signatories to the landmark Paris Agreement, signed at COP21 in 2015, which binds them to cut emissions to limit warming to within 2°C, ideally 1.5°C, adapt to climate change impacts, and provide financial aid for low- and middle-income countries.
Ahead of the COP26, the IEF has supported its members with respect to their commitments to reduce emissions of methane, a potent greenhouse gas, by developing the IEF Methane Iniative, a standardized methodology to more accurately measure emissions based on satellite technology. The methodology was developed in partnership with Kayrros, the advanced geospatial analytics company.
These commitments to cut methane are contained in countries' Nationally Determined Contributions (NDCs), which set out detailed plans for implementing targets to reduce greenhouse gas emissions.
The Sixth Assessment Report of the International Panel on Climate Change shows that Carbon Capture Use and Storage (CCUS) must play a huge part in achieving any carbon neutrality scenario.
The IEF is also encouraging governments to step up collaboration and facilitate technology transfer and investment in CCUS that can meet decarbonization, affordability and energy security goals in a holistic whole of economy approach. The quest for a hydrogen economy also depends on economy-wide uptake of CCUS. To make that happen the IEF is working with governments, industry and international organizations including the Clean Energy Ministerial.
Expectations are high for COP26 because the decade to 2030 is considered crucial. Without accelerated action, the 1.5°C target may become unfeasible during this period.