COP28 And International Energy Agency Reaffirm 1.5°C- Aligned Energy Transition
The COP28 Presidency and the International Energy Agency (IEA) High-Level Dialogues concluded with a strong consensus on the key elements needed for the energy transition. The Dialogues concluded with clear convergence on the building blocks of a 1.5°C-aligned energy transition and strong support for an ambitious decision on the Global Stocktake at COP28.
Fatih Birol, Executive Director of the IEA, set out an integrated package across five pillars for COP28, for which there was strong support in the room. They were: tripling global renewable energy generation capacity by 2030, doubling annual energy efficiency improvements by 2030, an orderly decline of fossil fuel use demand by 2030, starting with no new coal plants, commitment from the oil and gas industry to align their strategies and investment portfolios with 1.5°C, with a focus on a 75 per cent reduction in methane emissions by 2030, and financing mechanisms for a major scaling-up of clean energy investment in emerging and developing economies.
After the Dialogues, Sultan Al Jaber stated, “This series of dialogues has allowed us to converge on the critical elements of the just energy transition. The transition will not be straightforward, but it will be harder if we cannot agree on its central components. Simply put, to deliver the highest possible ambitious response to the Global Stocktake we must work together. I am encouraged by the practical actions brought forward by world leaders today at the final dialogue, and I hope that you take this open mindset and optimism throughout this COP.”
Acknowledging global government support, Birol emphasised the urgency of concrete commitments and actions. In alignment, over 150 companies and financial institutions are declaring climate and nature targets under Science-based Target frameworks.
Birol commented, “I’m encouraged by the support by governments around the world during the dialogue for the IEA’s five pillars for success at COP28, including the need by 2030 for tripling renewable capacity, for doubling energy efficiency improvements, for the oil and gas industry to meaningfully commit to clean energy transitions, for a massive increase in financing for developing economies, and an orderly decline of fossil fuel use. We now need to see this support translate into concrete commitments and action.”
Attendees highlighted the strong support for the COP28 Presidency’s Global Renewables and Energy Efficiency Pledge, which has been signed by 130 countries. There was broad agreement on the need for urgent action on coal, not only on no new unabated coal plants but also on accelerating the retirement of existing plants.
There was also an acknowledgement that countries must seize the opportunity to develop and accelerate their energy transition plans while supporting developing countries with finance and technology transfer. Initiatives such as Just Energy Transition Partnerships (JETPs) were highlighted as an effective mechanism for enabling a just and orderly energy transition that supports developing countries.
The final Dialogue follows a year of engagements, where key elements of the energy transition, including renewables, energy efficiency, financing, fossil fuel demand and supply, and decarbonisation, have been discussed. The series of Dialogues have been conducted in conjunction with the International Renewable Energy Agency (IRENA) and supported by the United Nations Framework Convention on Climate Change (UNFCCC).
During the dialogue, world leaders displayed significant ambition to achieve concrete targets, accelerate the deployment of renewable capacity, and improve energy efficiency.
