The International Climate and Energy Summit held in Madrid on 2 October 2023 emphasized the urgent need to address climate change and highlighted key actions and objectives to accelerate the transition to a low-carbon, sustainable energy future.
Here are the main takeaways and key objectives discussed at the summit:
- Triple global renewable electricity generation capacity by 2030 through policy support, regulation and international assistance to lower costs, with a focus on robust grid development and workforce training.
- Double the rate of improvement in global energy intensity (the decrease in energy supply per unit of GDP) by 2030 through effective policies, greater investment and rapid implementation of energy efficiency and electrification.
- Phase out fossil fuels, including ending approvals of unabated coal-fired power plants to align with the net-zero emissions goal by 2050, while ensuring energy security and affordability.
- Advocate for scaled-up investment in renewable energy and energy efficiency, with innovative financing mechanisms and reforms in multilateral financing institutions to facilitate the energy transition in developing nations.
- Emphasise the importance of the fossil fuel industry and major producer economies committing to net-zero goals, including reducing emissions – particularly methane – from their operations by 75% by 2030 and investing in low-emissions solutions.
- Foster collaboration, inclusivity and a people-centred approach in achieving these objectives, necessitating international cooperation and a clear roadmap for a timely and orderly transition away from fossil fuels.
