The COP28 Presidency and the International Energy Agency (IEA) concluded their High-Level Dialogues with a strong consensus on the key elements of the energy transition.
The conclusion marked a significant achievement for the co-Chairs, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President and Dr. Fatih Birol, Executive Director of the IEA.
Over 40 high level leaders, including four Heads of State and 18 Heads of Delegation and Ministers, from Europe, the Americas, Africa and Asia concluded the dialogues with clear alignment on keeping 1.5 °C within reach through a just and orderly energy transition. The leaders also showed their strong support for an ambitious response to the Global Stocktake at COP28.
Reflecting on the conclusion of the Dialogues, Dr. Sultan Al Jaber said, ‘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 agre
e 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.’
Dr. Fatih Birol also commented, ‘I am glad to see alignment and support for the IEA’s 5 goals for COP28, including tripling of renewables, doubling of energy efficiency, real commitment from oil gas industry, financing for developing countries, and orderly decline of fossil fuel use.’
Dr. Birol set out five goals for COP28, for which there was strong support in the room: tripling renewable capacity by 2030, doubling energy efficiency by 2030, an orderly decline of fossil fuel use starting with no new coal plants, commitment from the oil and gas industry to align their strategies with 1.5°C, including scopes 1 and 2 with a focus on eliminating methane emissions by 2030, and aligning their inves
tment portfolios with 1.5°C, and financing mechanisms for clean energy in developing countries at a large scale.
Attendees highlighted the strong support for the COP28 Presidency’s Global Renewables and Energy Efficiency Pledge, which to date has been signed by more than 110 countries. There was broad agreement on the need for urgent action on coal, not only on not permitting new unabated coal plants, but also on accelerating the retirement of existing plants.
Leaders agreed that each country and organization has an important role to play – and that developed countries must support developing countries, both with finance, and with technology transfer. There was also acknowledgement however that countries must also seize the opportunity to develop and accelerate their own energy transition plans.
There was also an acknowledgement that developing countries must be able to develop their economies while driving the energy transition – attendees said this will need support from developed countries. Initiatives
such as just energy transition partnerships (JETPs) were highlighted as an effective mechanism for enabling this.
Developing countries’ leaders have significant ambition and concrete targets to accelerate deployment of renewable capacity, according to attendees. They shared commitments to 2030 renewables targets and highlighted their energy efficiency action plans.
There was broad agreement that Scope 3 emissions must be a clearer focus for technological innovation and target setting, stated by both developed and developing countries.
There was also agreement that international collaboration is critical. There was concern that many multilateral agreements need reform and are working in siloes. Regional collaboration is also needed, especially for renewable energy – for instance, in cases where countries don’t have significant land area available.
The fifth and final Dialogue, held during the World Climate Action Summit as part of COP28 in Dubai, was attended by Heads of State, leaders of government and in
ternational organisations.
It follows a year of engagements, where key elements of the energy transition including renewables, energy efficiency, financing, fossil fuel demand and supply, and decarbonization have been discussed.
Source: Emirates News Agency