Yesterday, the International Energy and Climate Summit held in Madrid, promoted by the central government and the International Energy Agency (IEA), ended. Nearly 40 governments from different countries attended this summit, the last multilateral meeting on climate and energy before the COP28, which will be held in Dubai (United Arab Emirates) from 30 November 2023 to 12 December 2023.

The International Summit on Energy and Climate was attended by representatives of the IEA, Argentina, Austria and Comoros, Belgium, Brazil, Canada, Chile, European Commission, Costa Rica, Czech Republic, Denmark, France, Germany, Greece, Hungary, Indonesia, Ireland, Italy, Kenya, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Slovakia, South Africa, Sweden, Switzerland, United Arab Emirates, United States, United Kingdom, United States and Uruguay.

The International Energy Agency and the Spanish central government have called for an international coalition to help countries phase out support for fossil fuels, the main culprits of climate change.

What are the most optimistic outcomes expected at the next Climate Summit?

The next Climate Summit (COP28), which will take place in December in Dubai, will mark whether we are close or far from meeting the targets set by the Paris Agreement. Teresa Ribera, during this Energy and Climate Summit, has reiterated that all countries must have access to the necessary financing to carry out a correct energy transition, transforming their energy systems based on fossil fuels towards a new clean energy system.

Fatih Birol, Executive Director of the IEA, was very optimistic after this latest multilateral climate and energy meeting, stating that he firmly believes that COP28 will be a successful summit. Furthermore, he mentioned that the most optimistic outcomes that countries could agree on at the next COP28 are:

  • Adopt climate commitments that are aligned with the Paris Agreement.
  • Financially supporting developing or emerging countries
  • Doubling energy efficiency improvements
  • Reduce fossil fuel use
  • Tripling renewable energy capacity

Will the end of fossil fuels bring an end to global warming?

Wind energy, together with solar energy, are the most widely used renewable energies in all countries of the world. Moreover, both are seen as one of the main solutions to accelerate the energy transition and achieve the desired goal of global decarbonisation. The use of wind and solar energy, energies of the future but also of the present, offers great benefits for the world in its fight against the climate emergency.

All indications are that investments in fossil fuels should slow down. However, this growth does not go hand in hand with an end to global warming. In the IEA’s most optimistic view, current policy will not limit the 1.5°C rise in global temperature to avoid the worst consequences of climate change. Despite appearing to be a contradiction, the IEA accepts that continued investment in fossil fuels over the coming years will be necessary to maintain energy security.

Source: Global Factor

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