Minister Barbara Creecy: Mitigation - fast-tracking the energy transition | UNFCCC pre-CoP 28 Ministerial Meeting, 30 – 31 October 2023, 30 – 31 October 2023

Abu Dhabi, United Arab Emirates (UAE), Emirates Palace

30 October 2023

Fast-tracking the energy transition globally is crucial to addressing climate change and reducing our dependence on fossil fuels. To accelerate the transition to cleaner and more sustainable energy sources, we need a framework to promote a just, equitable and fair transition to a new energy system that provides reliable and affordable access to clean energy for all.

We need resources to be allocated to research and development of innovative energy technologies. This could involve supporting clean energy start-ups, investing in advanced materials, and fostering collaboration between industry and academia, upgrading and modernising the electrical grid to accommodate the integration of renewable energy sources. Smart grids can enhance efficiency, reliability, and the integration of distributed energy resources. 

Clean technology ought to be regarded as a global good and not horded by the few and here we ought to take lessons from the COVID-19 pandemic.

Equitable distribution for renewable energy sources is critical for reducing inequality gaps, increasing accessibility to resources, and bolstering developing countries’ adaptation capacities, all of which are crucial in mitigating the devastating effects of climate change. 

Of particular importance is the need for financial incentives and subsidies for renewable energy projects and energy-efficient technologies. This can reduce the upfront cost and stimulate adoption. We also need to work together to find ways to attract more private investment in clean energy projects, such as through green bonds, impact investing, and other financial instruments designed to support sustainability.

We must also raise awareness and educate the public about the importance of the energy transition. A well-informed and engaged population can support clean energy policies and initiatives. The issue of international collaboration is crucial to address climate change effectively. Fast-tracking the energy transition is a complex and multifaceted task that requires cooperation among governments, businesses, and individuals and this needs to be located within the broader sustainable development and just transitions frameworks.

I thank you.