IEA chalks out plan of action on COP28 climate goals ahead of COP29 | Latest News India - Hindustan Times
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IEA chalks out plan of action on COP28 climate goals ahead of COP29

ByJayashree Nandi
Feb 21, 2024 09:39 AM IST

Energy and climate leaders from around the world addressed the next steps that governments need to take to deliver on the crucial energy commitments made at the recent COP28 climate summit

The International Energy Agency (IEA) held a high-level meeting on Tuesday to lay out a plan to achieve the COP28 agreement of transitioning away from fossil fuels, tripling of renewable energy capacity and doubling energy efficiency improvements by 2030, among others.

The event was held in IEA’s headquarters in Paris. (International Energy Agency)
The event was held in IEA’s headquarters in Paris. (International Energy Agency)

At the event held in IEA’s headquarters in Paris, energy and climate leaders from around the world addressed the next steps that governments need to take to deliver on the crucial energy commitments made at the recent COP28 climate summit in Dubai and ensure that the door remains open to limiting global warming to 1.5 °C.

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This is particularly important for India as they, who first joined the IEA as an Association country in 2017, has requested for permanent membership to IEA.

“India is set to play an increasingly important role in tackling global energy and climate issues as its economy, population and energy use all grow. Ministers from the International Energy Agency’s member countries agreed to start discussions with India on the Indian government’s request to become a full IEA member, recognising the country’s strategic importance in tackling global energy and climate challenges.

Also Read: Top global energy body to discuss India’s full membership

Ministers from the IEA’s 31 member countries made the announcement in a joint communique following the IEA’s 2024 Ministerial Meeting and 50th Anniversary events in Paris on 13-14 February,” the IEA said on February 14.

The February 20 meeting was attended by COP28 President Sultan Al Jaber, IEA Executive Director Fatih Birol, US Special Presidential Climate Envoy John Kerry, COP21 President and former French Prime Minister Laurent Fabius, Danish Minister for Development Cooperation and Global Climate Policy Dan Jørgensen, German Special Envoy for International Climate Action Jennifer Morgan, Brazilian National Secretary for Climate Change Ana Toni, Azeri COP29 Lead Negotiator Yalchin Rafiyev, and UN Special Adviser to the Secretary-General on Climate Action and Just Transition Selwin Hart.

They were joined by over 50 ambassadors from countries across Africa, Asia, Europe, the Middle East, Latin America and North America, as well as international thought leaders and energy industry executives.

“The consensus reached in Dubai is very significant for the global clean energy transition. By calling for a just, orderly and equitable transition away from fossil fuels, with action accelerating this decade, it sets the direction of travel for the global energy sector very clearly for the first time. This is a historic decision. But it will also require a lot of hard work on implementation and continued, ongoing analysis of progress and means to achieve these goals. The IEA is prepared to lead in these efforts – working in partnership with countries around the world, as well as present and future COP Presidencies, to transform vision into reality,” Birol said on Tuesday.

Participants at the event identified a number of key actions that must be taken in the next year – from securing more financing for clean energy transitions, especially in emerging and developing economies, to enhancing the next round of National Determined Contributions (NDCs) that countries make under the Paris Agreement. Countries are now beginning the process of setting climate goals that run through 2035, which will be crucial in determining the pace at which global greenhouse gas emissions decline, the IEA said.

COP28 President, Al Jaber said, “All Parties who signed the UAE Consensus must work on enhancing their Nationally Determined Contributions ahead of the next cycle in 2025. That work needs to start right now. They need to adopt comprehensive, economy-wide emission reduction targets that cover all greenhouse gases, are aligned with the science and keep 1.5°C in reach.”

“Finance is the key enabler for climate action, and every source of finance available – public, multilateral and private – needs to be activated, with new models of blended finance “to ensure that climate progress fully extends to the Global South. The world must now raise the bar to address the challenge we face – mobilizing trillions rather than billions,” Jaber added.

Birol also announced that the IEA, which last year convened five high-level dialogues with the COP28 Presidency that were instrumental in building global consensus ahead of the Dubai summit, will launch a new series in partnership with the COP29 Presidency. These roundtables will provide an important venue for countries to share experiences and expertise as they navigate the complexities of developing new NDCs and transition plans, and to establish priorities ahead of COP29 in November.

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