The COP29 Presidency, in collaboration with the International Energy Agency (IEA) and the UN Framework Convention on Climate Change (UNFCCC) Secretariat, convened a critical High-Level Energy Transition Dialogue during London Climate Action Week. Co-chaired by COP29 President-Designate Mukhtar Babayev and IEA Executive Director Fatih Birol, the dialogue brought together over 50 energy, climate, and finance leaders to address the pressing need for increased clean energy investment globally.
The dialogue highlighted the necessity of doubling clean energy investments to more than $4 trillion annually by 2030 to achieve net-zero emissions by 2050. A major focus was on overcoming barriers to financing in emerging and developing economies, where high borrowing costs and perceived risks often deter capital from reaching crucial projects.
Participants included key figures such as African Union Commissioner for Infrastructure and Energy Amani Abou-Zeid, Germany’s State Secretary and Special Envoy for International Climate Action Jennifer Morgan, and Ireland’s Minister for Transport, Climate, Environment & Communications Eamon Ryan. Also present were Selwin Hart, Special Advisor to the UN Secretary-General on Climate Action and Just Transition, Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All, and COP26 President Alok Sharma.
Leaders from the financial sector and industry, including Barclays Global Head of Sustainability Daniel Hanna, Institutional Investors Group on Climate Change CEO Stephanie Pfeifer, ReNew Energy Co-founder and Chairperson of Sustainability Vaishali Nigam Sinha, and Prudential Chair Shriti Vadera, contributed perspectives on bridging the gap between financiers and developers in emerging markets.
IEA Executive Director Fatih Birol underscored the importance of the dialogue, stating, “Delivering fast and fair energy transitions hinges on greater investment in clean energy – especially in emerging and developing economies, where financing is not getting to the projects that need it.”
COP29 President-Designate Mukhtar Babayev echoed this sentiment, emphasizing the dialogue’s role in shaping ambitions for COP29 in Azerbaijan and fostering international consensus on achieving net-zero emissions and limiting global warming to 1.5°C.
The outcomes of this dialogue will inform strategies to establish a robust pipeline of bankable clean energy projects and address financing barriers. The next High-Level Energy Transition Dialogue is scheduled for September during the UN General Assembly in New York, continuing efforts to accelerate global energy sector decarbonization.
This dialogue marks a crucial step towards mobilizing international cooperation and financial resources to support a sustainable energy future for all.
