Co-chairing the event, Minister for the Environment, Climate and Communications Eamon Ryan, described the agreement reached in Paris as an historic shift because it recognises that the green energy transition is "unstoppable".
The agreement brings an end new, unabated coal plants and long lead-time oil and gas exploration. Mr Ryan said that it was a key stepping stone towards a clean, green energy future.
The event brings together energy and climate ministers representing more than 40 governments from around the world every two years.
The agreement, supported by all 31 IEA members, recognises that energy and climate security are interconnected. It stresses the importance of swiftly and comprehensively transitioning to green energy from fossil fuels to ensure global energy security.
IEA members and associates represent 80 per cent of the global energy consumption. The agreement commits for the first time to stop new long lead-time conventional oil and gas projects and reaffirms the IEA commitment to end new unabated coal power plants.
-- Advertisement --
It also reaffirms promises made at COP28 to move away from fossil fuels, triple renewable energy sources, and double energy efficiencies by 2023. Additionally, it aims to transform global finance to boost investment in green energy, especially in emerging markets.
IEA analysis estimates that clean energy investment from public and private sources needs to reach USD$4.5 trillion per year by 2030 with at least USD$2.2 trillion investment in emerging and developing markets.
Minister Ryan said:
"This Communiqué is an historic shift. It gives direction of where we need to go to energy and climate ministers of almost all of the largest energy-consuming countries. It sets out clearly that the way forward is the green energy transition, which is unstoppable at this stage. Significantly, it sets out that we recognise that if we are to heed the science to keep global warming below 1.5C, we are saying clearly that no new long lead-time conventional oil and gas projects are required, and no new unabated coal power plants should be built.
"We have to ensure everyone is involved in this transition. We cannot divide on climate and we cannot afford to freeze out or ignore the needs of emerging and developing countries, particularly when it comes to climate and energy finance. This transition has to be people-centred and just, and it has to be undertaken at scale."
Minister Ryan said that it was time to "get down to business now" on delivering on these commitments over the coming two years, and that he urged that they would be embedded and further developed at upcoming global events, including the G7 in Italy, the G20 in Brazil and the next COPS in Baku and particularly Brazil where the national ministers from the IEA’s member countries also 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 challenge.
The IEA was founded amid the energy crisis of the 1970s. This year's gathering coincides with global energy market uncertainty, heightened by events like Russia's invasion of Ukraine and the conflict in Gaza. These incidents underscore vulnerabilities in the energy system, emphasizing the urgency of transitioning to renewable energy and enhancing energy security
