An international summit on energy and the environment was being held in Madrid on Monday by Spain and the International Energy Agency with the goal of building a broad alliance to keep the 1.5C warming target within reach.
Less than two months before the UN Cop28 climate conference in the UAE, the event brings together ministers of energy and the environment, members of civil society, and business executives from around the world.
Teresa Ribera, Spain’s energy minister, urged more “multilateralism” in the face of “current challenges” and cautioned, “A global problem requires a global response.”
Spain, which currently holds the rotating EU Council presidency, is advocating for a worldwide alliance to keep global warming to 1.5C over pre-industrial levels.
According to an IEA report, in order to stop global warming, emissions must reach their peak by 2025 and then quickly decline until they reach net zero by 2050 or earlier.
“The game is all about solar. More than 80% of the power plants that have been installed around the world so far this year are renewable. Additionally, the transportation sector is experiencing an unprecedented electrification, according to Fatih Birol, executive director of the IAE.
The best news is that investments in sustainable energy have grown by 40% globally during the past two years.
UE emissions plan
According to Reuters, the European Union wants to present a plan this month that outlines a clear transition away from using fossil fuels.
A timetable “would increase the pressure on countries that are reluctant to agree on a phase-out of fossil fuels”
The letter identified actions that will reduce oil use that have already been agreed upon by the EU and others, such as setting deadlines for the cessation of new gasoline automobile sales.
Cop28 will take place from November 30 until December 12 in Dubai, United Arab Emirates.