Even with the full implementation of Nationally Determined Contributions (NDCs) this report concludes that we are heading for a world that will be 3.2°C warmer by the end of this century, failing to meet the Paris Agreement’s call for ‘holding the increase in the global average temperature to well below 2°C above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5°C above pre-industrial levels.’
Ipieca and its members support the aims of the Paris Agreement. In a world aspiring towards a net-zero future it is critical that Ipieca upholds its position as part of the international dialogue on the energy transition and that members continue to advance their contribution to resilient low-emissions pathways. Ipieca can have a particular impact through the leading role that it takes, on behalf of its membership, to engage the UN and other key stakeholders in support of the aims of the Paris Agreement. It also plays a crucial ongoing role in convening the industry and collaborating with stakeholders, including other sectors, to explore and enable low-emissions pathways and scale up innovative solutions.
Achieving the long-term temperature goals of the Paris Agreement to limit global warming to well below 2°C and pursue 1.5°C depends strongly on implementing mitigation action by 2030.’
UNEP, Emissions Gap Report 2020
Companies within the sector have opportunities to increase transparency and stakeholder engagement as well as to advocate the design of policies which support the aims of the Paris agreement. Investing in technology and innovation to enable low-carbon products and solutions, as well as tackling emissions from operations – namely methane emissions, venting carbon dioxide and flaring – are key reduction levers for the sector. Many of these options are part of a burgeoning circular carbon economy (CCE), a concept that has recently been endorsed by the G20, that leverages a range of technologies and natural climate solutions to capture, store and utilize CO2 to create pathways to reduced emissions and continued economic growth.