But a study in the journal Nature warns the window for limiting global warming to less than 1.5 degrees Celsius appears to have closed.
The article says the carbon reductions pledges penned into the Paris Agreement are inadequate for keeping global warming “within a safe and stable boundary”
The Paris Agreement—a historic piece of climate change policy adopted by leaders of 195 countries last December—pledged to limit human-caused global warming to less than two degrees Celsius, with a “stretch goal” of keeping the planet’s thermostat from rising more than 1.5 degrees.
The study, from the International Institute for Applied Systems Analysis’ Joeri Rogelj, calculated that the pledges outlined in the Paris Agreement will likely see global temperatures rise 2.6-3.1 degrees by 2100.
It said a three degree uptick in global temperatures could cause sea level to rise up to 7m over the next few centuries.
Despite that warning, the G20 energy ministers are trying to make the Paris Agreement work.
“The dramatic and ongoing shift in the global energy sector accelerated in 2015. Renewable energy costs have declined dramatically and will continue to do so, investment reached record levels, and global capacity additions set new record highs,” IRENA director-general Adnan Amin said.
“Much of this can be attributed to the G20’s strong commitment to renewables.”
In 2015, energy ministers endorsed an 11-point Communique, including the adoption of a renewable energy toolkit, which provides options for G20 countries to increase their deployment of renewable energy.
Led by IRENA, under the guidance of the G20 Energy Sustainability Working Group, the toolkit focuses on five areas: including cost and technology transference.
IRENA said the prices of solar modules and wind turbines have fallen roughly 80% and 30-40% respectively since 2009 and should continue to fall further by 2025.
It said 173 countries have renewable energy targets, up from 43 countries in 2005, and that a record $US286 billion was invested in renewables in 2015, 3% higher than the previous record in 2011, however to meet global climate and development goals, this figure must double by 2020 and more than triple by 2030.
