COP28 and IEA Convene Global Energy Decision Makers to Accelerate a Just, Orderly Energy Transition

New Delhi: The COP28 UAE Presidency and the International Energy Agency (IEA) have convened the primary in a landmark collection of high-level dialogues by means of to COP28 round constructing a 1.5C degree-aligned power transition. The initiative is being performed at the side of the International Renewable Energy Agency (IRENA) and can be supported by the United Nations Framework Convention on Climate Change (UNFCCC).

The dialogues are meant to construct consensus on 1.5C degree-compatible power transition pathways and the enabling circumstances wanted to obtain them, in addition to momentum across the goal power outcomes for COP28.

The conferences are being co-chaired by COP28 President-Designate Dr. Sultan Al Jaber and Dr. Fatih Birol, Executive Director of the IEA. The intention is to interact public- and private-sector decision-makers within the power trade to produce a holistic, international view of the power system. The dialogues will put together the bottom for particular commitments and calls to motion on the World Climate Action Summit being held at COP28.

The session was held on Friday, 21 July on the sidelines of the 14th Clean Energy Ministerial, alongside the G20 Energy Transitions Ministerial Meeting in Goa, India. Delegates on the assembly included numerous nation delegates and non-public sector representatives.

COP28 President-Designate Dr. Sultan Al Jaber stated of the initiative: “COP28 represents a milestone alternative for the world to come collectively, unite round decisive motion, and drive progress in direction of preserving the targets of then Paris Agreement alive and 1.5C inside attain. This would require a collective effort and so we want everybody on the desk – and that features the power trade.

“Building a new power system can solely occur at pace and scale with united motion on the provision and the demand facet collectively. These high-level dialogues are bringing public- and private- ector power decision-makers collectively beneath the framework of a COP for the primary time. They will assist redesign the connection between policymakers, the most important power producers, and the most important industrial shoppers. This is considered one of my Presidency’s key priorities and can be a essential step in constructing consensus on how finest to ship the power system of the long run.”

IEA Executive Director Dr. Fatih Birol stated: “The IEA has put ahead a complete power package deal that may assist make COP28 a success. This contains tripling international renewables capability, doubling power effectivity progress, slashing emissions from the oil and gasoline trade, boosting clear power finance for growing economies, redirecting fossil gas funding into clear power, and placing fossil gas demand into sharp decline.

“The IEA’s Net Zero Emissions by 2050 Scenario is well known as the worldwide benchmark for efforts to preserve the 1.5C aim inside attain, so we’re happy to be working with the COP28 Presidency to lead these necessary worldwide dialogues to drive stronger ambition and implementation, which is what’s urgently wanted. Every stakeholder should play their half – together with oil and gasoline producers, which want to set out and ship on aggressive targets to minimize their emissions by 2030.”

Francesco La Camera, Director General of IRENA, stated: “Our collective promise was to safe a climate-safe existence for present and future generations. We merely can not proceed with incremental modifications. There isn’t any time for a new power system to evolve step by step over centuries, as was the case for the fossil fuel-based system. IRENA centres the renewables-based power transition as the most life like local weather answer and calls for a tripling of annual renewable power additions to preserve international warming inside 1.5C.

“Achieving this requires overcoming systemic obstacles throughout infrastructure, coverage, and institutional settings within the coming years. The high-level dialogues will play an necessary function in galvanizing momentum in direction of the power goals of COP28, driving actionable insurance policies and funding selections by means of a shared understanding.”

The IEA and IRENA will present information and technical evaluation to set the stage for knowledgeable discussions, inviting others as applicable. This will embody the present state of the worldwide power panorama, and potential pathways, options and actions required to speed up the transition in a simply and equitable method.

Simon Steill, government secretary of the United Nations Framework Convention on Climate Change, “These high-level dialogues convened by the COP28 Presidency and the IEA, with the collaborative efforts of IRENA and help of the UNFCCC, ought to act as a catalyst to drive momentum in direction of a simply and inclusive 1.5 degree-aligned power transition. It is my hope that these dialogues will pave the way in which for particular commitments and actions by Parties at COP 28, bringing us all nearer to the sustainable and climate-resilient future that is named for within the Paris Agreement. It’s time for decisive motion from all stakeholders.”