Climate and Energy Summit: A Grand Coalition to Keep 1.5 ºC ... - IEA
Climate and Energy Summit: A Grand Coalition to Keep 1.5 ºC Within Reach - Event - IEA
29 Sep 2023 09:30—10:00
Climate and Energy Summit: A Grand Coalition to Keep 1.5 ºC Within Reach
Teresa Ribera, Vice-President of the Government of Spain, and Fatih Birol, Executive Director of the International Energy Agency, will host an international Climate and Energy Summit in Madrid on 2 October 2023 focused on the urgency of accelerating the global clean energy transition.
This important event, which takes place during the Spanish Presidency of the Council of the European Union, will bring together energy and climate ministers from around the world just weeks before the United Nations' COP28 Climate Change Conference. The Summit seeks to build a broad international coalition that can increase momentum in order to meet the commitments of the Paris Agreement – notably the goal of limiting global warming to 1.5 °C.
To achieve this, according to the IEA, the world’s emissions need to peak before 2025 and then fall rapidly until they hit net zero by 2050 or earlier. This will require both a step change in ambition and unprecedented global cooperation.
This event provides decision-makers with an opportunity to send a strong signal on our common future, to reiterate that the 1.5 °C goal is alive and achievable, and to take a firm line and strong message to the Global Stocktake process culminating at COP28 in late November. It will include a session with leaders from government, industry, finance and civil society in order to bring a range of voices to the conversation, following two events that gathered a range of stakeholders on 29 September.
The opening session at 9:00 CEST will be livestreamed via the video link at the top of the page.
In 2021, the International Energy Agency set out in its landmark Net Zero Roadmap a detailed and credible pathway for the energy sector to reach net zero emissions by 2050. To highlight the latest data and analysis for decision-makers, the IEA just released an updated Net Zero Roadmap, laying out key global benchmarks such as the tripling of installed renewables capacity and the doubling of progress on energy efficiency by 2030. The IEA’s report is intended to serve as an input to this Summit.
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Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”