The COP29 Presidency and the Worldwide Vitality Company (IEA), in shut partnership with the UN Framework Conference on Local weather Change (UNFCCC) Secretariat, held the second Excessive-Stage Vitality Transition Dialogue immediately in preparation for the COP29 local weather change convention in Baku, Azerbaijan. Co-chaired by COP29 President-Designate Mukhtar Babayev and IEA Government Director Fatih Birol, the dialogue passed off at Mansion Home, hosted by the Metropolis of London Company throughout London Local weather Motion Week. The occasion introduced collectively over 50 leaders in power, local weather, and finance to debate methods for considerably growing world clear power funding, which must double to greater than $4 trillion yearly by 2030 to realize web zero emissions by 2050.
A key focus of the dialogue was on mobilizing the required financing to comprehend clear power tasks, notably in rising and creating economies the place excessive borrowing prices and varied dangers hinder capital circulation to essential tasks.
Individuals within the dialogue included notable figures corresponding to African Union Commissioner for Infrastructure and Vitality Amani Abou-Zeid, Germany’s State Secretary and Particular Envoy for Worldwide Local weather Motion Jennifer Morgan, and Eire’s Minister for Transport, Local weather, Surroundings & Communications Eamon Ryan. Moreover, Selwin Hart, Particular Advisor to the UN Secretary-Basic on Local weather Motion and Simply Transition; Damilola Ogunbiyi, CEO and Particular Consultant of the UN Secretary-Basic for Sustainable Vitality for All; and COP26 President Alok Sharma had been in attendance.
The occasion additionally noticed participation from key leaders within the monetary sector and business, together with Barclays World Head of Sustainability Daniel Hanna, Institutional Traders Group on Local weather Change CEO Stephanie Pfeifer, ReNew Vitality Co-founder and Chairperson of Sustainability Vaishali Nigam Sinha, and Prudential Chair Shriti Vadera.
“Delivering quick and truthful power transitions hinges on higher funding in clear power – particularly in rising and creating economies, the place financing just isn’t attending to the tasks that want it,” IEA Government Director Fatih Birol mentioned. “At present’s Excessive-Stage Dialogue in London for COP29 – which introduced collectively leaders from power, finance and local weather – marked an necessary step in the appropriate route, and I’d prefer to thank the COP29 President-Designate and the Lord Mayor of the Metropolis of London for convening it with the IEA. I look ahead to constructing on these discussions within the coming months. We have to strengthen efforts to attach traders searching for clear power alternatives with the markets the place this funding could make a significant distinction. Establishing a robust pipeline of bankable clear power tasks, and tackling the limitations to financing them, is important to maintain the aim of limiting world warming to 1.5 °C inside attain.”
“This second COP29 IEA Excessive-Stage Vitality Transition Dialogue represents an necessary second in bringing power and local weather leaders collectively to debate ambitions for COP29 in Azerbaijan,” COP29 President-Designate Mukhtar Babayev added. “Such platforms present very important enter as we construct truthful and shared options collectively to satisfy the urgency of our collective local weather problem and we’re actively incorporating the priorities recognized in these discussions into our plan of motion for COP29. We’re intensifying our actions with all events to construct high-level political engagement throughout the 2 pillars of our Presidency’s imaginative and prescient to boost ambition and allow motion.”
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