International Climate And Energy Summit In Madrid Seeks To Revive 1.5°C Target
Ministers and senior officials from close to 40 countries around the world joined heads of international organisations and representatives from industry, civil society and youth organisations in Madrid on Monday for the International Climate and Energy Summit.
Co-hosted by the International Energy Agency and the Government of Spain, which currently holds the rotating presidency of the EU Council, the high-level event sought to strengthen ambition and implementation ahead of the COP28 Summit in Dubai.
The Summit opened with statements from UN Secretary-General Antonio Guterres and COP28 President-Designate Sultan Al Jaber. It focused on building a broad coalition behind efforts to keep the Paris Agreement goal of limiting global warming to 1.5°C within reach.
At the Summit, high-level policymakers convened to discuss ways to facilitate a just energy transition as well as setting global targets for renewables and energy efficiency and achieving them. The event focused on strengthening support for actions to reduce demand for fossil fuels.
Summit Puts Forward Key Objectives For COP28
Under co-chairs IEA Executive Director Fatih Birol and Vice President Teresa Ribera of the Government of Spain, the discussions in Madrid reflected the key actions required to sharply bend the emissions curve are known, cost effective and happening swiftly.
According to a recent IEA report, tripling renewable energy capacity, accelerating energy efficiency improvements, ramping up electrification and slashing methane emissions together provide 80% of the reductions needed by 2030 to help limit warming to 1.5°C.
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“Climate change is a global problem and it requires a global response,” Vice President Ribera noted, stressing discussions during the Madrid Summit on Monday must now translate into “bolder commitments and even stronger co-operation”.
In order to keep the warming target within reach, the Summit put forward a few key objectives for COP28, including supporting the tripling of renewable energy capacity by 2030, ensuring the orderly decline of the use of fossil fuels, and recognising the need for scaled-up investment.
