Momentum building for a clean energy transition across the global economy
On July 9, 40 Ministers from dozens of countries took part in the International Energy Agency’s first Clean Energy Transitions Summit, to discuss how to bring about a sustainable and resilient recovery from the Covid-19 crisis and achieve a definitive peak in global carbon emissions.
Participating Ministers, including those from the countries that are world’s largest energy users, accounted for over 80% of the global economy.
“This Summit proves that international dialogue and collaboration can bring great value,” said Dr Fatih Birol, the IEA’s Executive Director who chaired the Summit. “It was an opportunity to inform, support and inspire each other.
“Now, it is time for all of us to get to work – building back our economies, bringing our citizens back to work, ensuring that 2019 was the definitive peak in emissions and building towards the resilient and sustainable energy systems of the future. What I see clearly is momentum – momentum behind sustainable recovery and momentum behind clean energy transitions.”
Ministers welcome blueprints for action
Among the causes for optimism was the warm welcome given to the IEA’s Sustainable Recovery Plan, which sets out ‘30 actionable, ambitious policy recommendations and targeted investments’.
The Plan, developed in cooperation with the International Monetary Fund, would boost global economic growth by 1.1% per year, save or create 9 million jobs per year, and avoid a rebound in emissions and put them in structural decline. Achieving these results would require global investment of US$ 1 trillion annually over the next three years.
According to the Sustainable Recovery Plan 35% of new jobs could be created through energy efficiency measures and another 25% in power systems, particularly in wind, solar and modernising and strengthening electricity grids.
In the Summit’s High-Level Panel on Accelerating Clean Energy Technology Innovation, participants commended the new Energy Technology Perspectives Special Report on Clean Energy Innovation, which shows the vital importance of innovation for meeting shared energy and climate goals.
Participants drew upon the IEA’s five key innovation principles and discussed how to scale up critical emerging technologies like batteries; hydrogen; carbon capture, utilisation and storage (CCUS); and bioenergy.
For further information visit, https://www.iea.org/news
To see recordings of the summit and plenary sessions, visit https://www.youtube.com/user/IEAEnergy/videos?app=desktop