The COP29 Presidency and the International Energy Agency (IEA), in partnership with the UN Framework Convention on Climate Change (UNFCCC) and the Corporation, yesterday [24 June] convened international energy, climate and financial services leaders for a High-Level Energy Transition Dialogue ahead of the COP29 climate conference in Baku, Azerbaijan.
The Dialogue, which was co-chaired by COP29 President-Designate Mukhtar Babayev and IEA Executive Director Dr Fatih Birol, was the second in a series aimed at building international consensus around pathways to drive energy sector emissions to net zero – expanding on the success of the series co-chaired last year by the IEA and the United Arab Emirates’ COP28 Presidency.
Against the backdrop of London Climate Action Week, more than 50 energy and financial services leaders gathered in the Mansion House, the historic centre of London’s financial district, to discuss the crucial role of private sector finance to advance the pledges made at COP28.
Participants included African Union Commissioner for Infrastructure and Energy Amani Abou-Zeid; Ireland Minister for Transport, Climate, Environment & Communications Eamon Ryan, Germany State Secretary and Special Envoy for International Climate Action Jennifer Morgan; United Arab Emirates Director General of COP28 Majid Al-Suwaidi; COP26 President Alok Sharma; France Climate Envoy Kevin Magron; Prudential Chair, Shriti Vadera; The Institutional Investors Group on Climate Change (IIGCC) CEO, Stephanie Pfeifer and Sustainable Energy For All CEO, Damilola Ogunbiyi.
The Dialogue also convened climate envoys and ministerial level representatives from Italy, Kazakhstan, The Netherlands, and Türkiye.
During the discussion, participants outlined existing challenges around financing the energy transition goals agreed at COP28, particularly for emerging markets and developing economies. These include access to capital and debt financing, as well as the need for a stronger pipeline of bankable clean energy investment projects that offer competitive returns. There was also a clear layout of the promising opportunities of the energy transition and how these can be fully unlocked globally – including the enhanced role for international and development finance institutions to catalyse private sector investment and supporting emerging and developing economies to develop clear policies that drive rapid energy transitions.
Lord Mayor of the , Michael Mainelli, said:
“The Corporation was pleased to host this second Dialogue here in the Mansion House just weeks after our Net Zero Delivery Summit. Both events underpinned the crucial role of private sector finance in reaching net zero. It is clear in these discussions that there is unabating commitment from world leaders and financial services stakeholders to develop robust climate strategy to limit global warming to 1. 5 °C. We must proceed in turning these agreements into action.”
IEA Executive Director Dr Fatih Birol, said:
“Delivering fast and fair transitions hinges on increasing investment for clean energy projects – especially in emerging and developing economies, where spending lags far behind. This dialogue – which saw leaders come together from across the public and private sector to exchange perspectives and solutions – marks an important step in the right direction, and I look forward to building on these discussions in the coming months. Establishing a strong pipeline of bankable clean energy projects, and reducing the barriers to financing them, is essential to keep the goal of limiting global warming to 1. 5 °C within reach.”
COP29 President Designate Mukhtar Babayev, said:
“This second COP29 IEA High-Level Energy Transition Dialogue represents an important moment in bringing energy and climate leaders together to discuss ambitions for COP29 in Azerbaijan. Such platforms provide vital input as we build fair and shared solutions together to meet the urgency of our collective climate challenge and we are actively incorporating the priorities identified in these discussions into our plan of action for COP29. We are intensifying our activities with all parties to build high-level political engagement across the two pillars of our Presidency’s vision to enhance ambition and enable action.”
Notes to editors
The Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK.
For more details on the Corporation’s Net Zero Delivery summit visit: https://www.theglobalcity.uk/nzds24
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