The Copenhagen Accord provides guidance for future actions on climate change, but the emission reduction pledges are not sufficient, the Paris-based International Energy Agency (IEA) said Tuesday in a statement.

The Copenhagen Accord paved the way toward a legally binding agreement, with a clear environmental goal of limiting the increase in global temperature to 2 degrees Celsius, the IEA said.

Although the 100 billion U.S. dollars pledged by developed countries did not reach the estimated goal of 200 billion dollars investment annually by 2020, it is "a significant contribution" which lays the foundation for support to developing countries, the agency added.

However, the energy watchdog pointed out that, according to its calculations, emission reduction pledges to date fall short of what is needed to limit the long-term concentration of greenhouse gases in the atmosphere to 450 parts per million (ppm) of CO2-equivalent.

The organization has emphasized that the 450 ppm goal in the energy sector was very important to limit the 2 degrees increase.

In order to curb more greenhouse gas emissions, the IEA pledged to continue its efforts in areas such as energy efficiency, carbon pricing through market mechanisms as well as technological research and development.

After two week-long negotiations, over 100 countries finally reached a non-legally binding accord in Denmark concerning the climate change. UN Secretary-General Ban Ki-moon said it "is just the beginning" of a process to craft a binding pact to reduce emissions.