In preparation for COP28, the UAE Presidency and the International Energy Agency (IEA) have initiated a series of high-level dialogues focused on shaping an energy transition that aligns with the ambitious 1.5°C target set by the Paris Agreement. Collaborating with the International Renewable Energy Agency (IRENA) and receiving support from the United Nations Framework Convention on Climate Change (UNFCCC), these dialogues aim to foster consensus among key decision-makers from both the public and private sectors in the energy industry.
The Significance of the High-Level Dialogues
The high-level dialogues are a joint effort between the UAE Presidency, the IEA, IRENA, and the UNFCCC. Their primary objective is to establish a shared understanding and consensus on the pathways for energy transition that are compatible with the 1.5°C target. As climate change continues to pose a severe threat to the planet, it is essential to identify the necessary measures to achieve this critical goal.
Mobilizing Key Stakeholders in the Energy Industry
To ensure the success of the energy transition, key decision-makers from the public and private sectors in the energy industry are actively involved in the dialogues. The inclusion of stakeholders from both sectors is crucial as they play pivotal roles in shaping energy policies, investments, and technological advancements.
Setting the Stage for COP28: Inaugural Session
The inaugural session of the high-level dialogues was conducted on July 21, 2023, during the 14th Clean Energy Ministerial, which coincided with the G20 Energy Transitions Ministerial Meeting in Goa, India. This significant event provided an early opportunity for participating nations to discuss and deliberate on energy transition strategies and the importance of achieving the 1.5°C target.
IEA’s Comprehensive Energy Package for COP28
The IEA has put forward a comprehensive energy package that aims to make COP28 a resounding success. Key elements include tripling global renewables capacity, doubling energy efficiency progress, reducing emissions from the oil and gas industry, enhancing clean energy finance for developing economies, redirecting fossil fuel investments into clean energy, and dramatically decreasing fossil fuel demand. These measures are essential to limit global warming and secure a sustainable future.
IRENA’s Renewables-Based Energy Transition Vision
IRENA advocates for a renewables-based energy transition as the most viable climate solution and calls for tripling annual renewable energy additions to stay within the 1.5°C warming limit. This transition requires overcoming systemic barriers across infrastructure, policy, and institutional settings in the years to come.
Galvanizing Momentum for COP28 Objectives
The high-level dialogues play a crucial role in galvanizing momentum towards achieving the energy objectives of COP28. By driving actionable policies and investment decisions through a shared understanding, these dialogues act as catalysts for the global community to pursue a just and inclusive 1.5°C-aligned energy transition.
Data and Technical Analysis for Informed Decisions
To ensure informed discussions, the IEA and IRENA will provide essential data and technical analysis during the dialogues. Their contributions will cover the current state of the global energy landscape, potential pathways, and actionable policies and investments required to expedite the transition fairly and equitably.