Euronews.green reports that three interlinked parts of the pledge could be signed later this year, should parties agree to them. The first part is about an annual growth in the deployment of renewable sources, which would need to triple their capacity between now and 2030.

The second part is about energy efficiency, which Timmermans said should double in terms of rate of improvement, compared to the previous decade. The last part of the pledge is about the "phase out unabated fossil fuels well ahead of 2050".

This would imply cutting the emissions coming from the oil, coal and gas sectors and the products manufactured with the help of these resources.

"I know these are ambitious proposals but they are necessary. They can provide a strong signal on climate action to decision makers, investors and civil society", the official added.

According to Timmermans, carbon capture and storage only accounts for part of the solution and should play a minimal role in the phaseout of the fossils.

The EU's vice-president also believes that COP28 must be a "paradigm shift" as he mentioned that "we need to do it because time is running out."

As far as "unabated" sectors and the role of carbon capture and storage goes, their importance will be discussed this year in November, but the accelerated deployment of renewables shouldn't be too much of a concern, experts say.