MINISTERS and senior officials from close to 40 countries around the world joined heads of international organisations and representatives from industry, civil society and youth organisations in Madrid on Monday for the International Climate and Energy Summit.
Co-hosted by the Government of Spain, which currently holds the Presidency of the European Union, and the International Energy Agency, the Summit sought to build a broad coalition behind efforts to keep the Paris Agreement goal of limiting global warming to 1.5 °C within reach.
Under co-chairs, Vice President Teresa Ribera of the Government of Spain and IEA Executive Director, Fatih Birol, the Summit opened with statements from UN Secretary-General Antonio Guterres and COP28 President-Designate Sultan Al Jaber.
It focused on strengthening support for actions to scale up clean energy and reduce demand for fossil fuels ahead of the UN Climate Change Conference (COP28) in order to meet the commitments of the Paris Agreement.
“Time is short, but it is possible,” said Guterres. “The International Energy Agency’s new Net Zero Roadmap shows us that. But we need action now.
“First, action at COP28. I urge you to work together, in Madrid, and in the United Arab Emirates, to secure a strong outcome in response to the Global Stocktake. That must include commitments to double energy efficiency, triple renewables capacity, cut methane from the energy sector by 75 per cent, and ensure universal access to energy — all by 2030.
“These efforts must be accompanied by a collective commitment to accelerate a fair and just phase-out of fossil fuels, as we bring clean power to all. One without the other equals failure.
“Second, action from governments. I have proposed an Acceleration Agenda. This calls on governments to speed up net-zero timelines — so that developed countries get there as close as possible to 2040 and emerging economies as close as possible to 2050. And it urges all governments to put in place credible actions, policies and plans that are compatible with a 1.5°C world, and for developed countries to deliver climate justice to those on the front lines of the crisis.
“That includes, amongst other measures, putting a stop to new coal and phasing out existing coal; shifting subsidies from fossil fuels to renewables — subsidies the International Monetary Fund (IMF) estimates reached $7 trillion last year; and ending new oil and gas licensing.”
“Developed countries must honour the $100 billion commitment, and replenish the Green Climate Fund. And we must push the multilateral development banks to adapt their business models to leverage far more private finance at reasonable cost to developing countries so they can reduce emissions and adapt.
“Third, we need action from business. The Acceleration Agenda calls on companies — including fossil fuel companies — to create credible transition plans across the entire value chain. All this is eminently achievable.”
Tripling renewable energy capacity, doubling the pace of energy efficiency improvements, ramping up electrification and slashing methane emissions from fossil fuel operations together provide 80% of the emissions reductions needed by 2030 to put the energy sector on a pathway to limit warming to 1.5 °C, according to the IEA report.
“The IEA’s data shows that even if no new climate policies are enacted, demand for all three fossil fuels will peak this decade – the result of spectacular progress among key clean energy technologies such as solar and electric cars. However, this is still insufficient to limit global warming to 1.5 °C, a target that scientists have said is essential,” Dr Birol said.
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