COP28 Presidency, IEA reaffirm 1.5°C-aligned energy transition

COP28 Presidency, IEA reaffirm 1.5°C-aligned energy transition

DUBAI - The COP28 Presidency and the International Energy Agency (IEA) High-Level Dialogues concluded with strong consensus on the key elements needed for the energy transition. The fifth and final Dialogue, held during COP28 in Dubai, was attended by over 40 high-level leaders, including Heads of State and Government, Heads of Delegation and business leaders. It marks a significant achievement for the co-chairs, Minister of Industry and Advanced Technology and COP28 President Dr. Sultan Al Jaber and Dr. Fatih Birol, IEA Executive Director. The Dialogues concluded with clear convergence on the building blocks of a 1.5°C-aligned energy transition and strong support for an ambitious decision on the Global Stocktake at COP28. Dr. Birol set out an ambitious and integrated package across five pillars for COP28, for which there was strong support in the room: • Tripling global renewable energy generation capacity by 2030. • Doubling annual energy efficiency improvements by 2030. • An orderly decline of fossil fuel use demand by 2030, starting with no new coal plants. • Commitment from the oil and gas industry to align their strategies and investment portfolios with 1.5°C, focusing on a 75 percent reduction in methane emissions by 2030. • Financing mechanisms for