As the 28th Conference of the Parties (COP28) unfolds in Dubai, a resounding call-to-action has been issued by COP28 President Dr Sultan Al Jaber and Dr Fatih Birol, the Executive Director of the International Energy Agency (IEA). The leaders have jointly published a summary of their High-Level Dialogues, emphasizing the urgency of accelerating the energy transition to keep global temperature rise within the crucial 1.5°C target.
Over the course of the Dialogues, which saw participation from ministers, decision-makers, and CEOs from over 40 countries and 20 organizations, key aspects of the energy transition were discussed. These included renewable energy, energy efficiency, financing, fossil fuel demand and supply, and decarbonization.
Dr Al Jaber remarked, “Through these High-Level Dialogues, we have defined critical gaps and crucial opportunities in climate action to build the most comprehensive set of decarbonization initiatives ever.” The summary sets the tone for countries to determine an ambitious response to the Global Stocktake, charting a course toward an energy system consistent with the imperative of limiting global warming to 1.5°C.
The final session of the COP28 and IEA High-Level Dialogues, scheduled to take place at the World Climate Action Summit on December 1, will bring together Heads of State, government leaders, and international organizations to share ambitions for a 1.5°C-aligned energy transition. The discussions are expected to centre around critical components and global priority actions required to enable this pathway.
Participants in the Dialogues broadly converged on the target of tripling global installed renewable energy capacity to 11,000 GW by 2030 and doubling annual energy efficiency improvements within the same timeframe. The summary emphasizes the need for a parallel phase-down of fossil fuel demand and supply in this decade, urging the fossil fuel industry to decarbonize existing operations and increase investments in renewable and low-carbon alternatives.
The summary also calls on the fossil fuel industry to set and deliver ambitious targets to cut methane emissions by 2030. A strong consensus emerged on the necessity to significantly scale up climate finance and clean investment, with the IEA estimating a requirement of $4.5 trillion annually by the early 2030s. Governments and financial institutions, both public and private, are urged to deliver assistance to de-risk investments and reduce the cost of capital.
Addressing the global disparity in energy access, the summary stresses the importance of a “just and orderly” energy transition, highlighting the responsibility of developed economies to support developing economies. With approximately 760 million people lacking access to electricity and 2.3 billion lacking access to modern cooking facilities worldwide, the leaders underscore the need for inclusivity and equitable progress in the transition.
Dr Al Jaber expressed confidence in the Dialogues, stating, “By redefining the relationship between government, the biggest energy producers, and heavy industry, we can align the supply and demand side of the equation to build the energy system of the future while decarbonizing the system we have today.”
