​Storebrand demands climate action from the International Energy Agency (IEA)

- The IEA needs to provide better tools for governments, investors and companies to align policies, investments and business strategies with the Paris Agreement.

This is stated by Odd Arild Grefstad, CEO of Storebrand. The International Energy Agency, IEA, recently published its report "World Economic Outlook". The report provides an important basis for decision-making globally, for investors, businesses and politicians.

- The IEA has the opportunity to take the lead and showcase what it takes to deliver in line with the Paris Agreement. In their latest report, they have not succeeded in this, says Grefstad.

Storebrand and 63 other international companies, organizations and academics, including Nordea, IKEA, Zurich Insurance Group, Folksam and former UN climate chief Christiana Figueres, have now joined forces in a call to action to the IEA, which was handed over to CEO Faith Birol, on Monday 18 November.

In the letter, the group ask the IEA to provide a better analysis of what is needed to achieve the 1.5 degree warming goal. The current renewable scenario in the report is calculated against 1.8 degrees of warming by 2070. This is 20 years too late and does not provide good enough guidelines on what measures the world needs to take, to keep global warming at 1.5 degrees.

The Call to Action also requests the Agency to include analyses on the effects of the implementation of renewable energy, increased energy efficiency, increased proportion of electric cars and a slowdown in the development of oil, gas and coal production in its renewable scenario.

Quotes from the letter

As the WEO can become a self fulfilling prophecy, it carries a major responsibility that goes way beyond that of other publications that are merely descriptive. The IEA cannot be derelict of this responsibility.

We renew our call on the IEA to make a fully transparent Sustainable Development Scenario the central reference in the 2020 WEO. The ambition of the SDS must be increased to present a reasonable probability of reaching net-zero emissions by 2050 (not 2070)and limiting warming to 1.5ºC (not 1.8ºC).

The year 2020 marks a turning point for the world — the year when we either grasp the challenges and opportunities before us, or continue delaying and obstructing the low-carbon transformation. This is an opportunity for the IEA to step out in front and show the world what is necessary for us to deliver a 1.5ºC future. 

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