Climate summit in Madrid seeks to revive 1.5C warming target

Spain and the International Energy Agency were on Monday hosting an international climate and energy summit in Madrid aimed at forming a grand coalition to keep the 1.5C warming target within reach.

Madrid is hosting a gathering of climate and energy leaders ahead of the UN Cop28 conference in Dubai. ASSOCIATED PRESS - Charlie Riedel

The event brings together energy and climate ministers, civil society and industry leaders from around the world less than two months ahead of the UN Cop28 climate conference in the UAE.

"A global problem requires a global response," Spain's Energy Minister Teresa Ribera warned as she opened the summit, urging more "multilateralism" in the face of "current challenges".

On Thursday, some 50 countries came together with leaders from industry, finance & civil society at our Critical Minerals & Clean Energy Summit in Paris

The Summit delivered 6 key actions to ensure secure, sustainable & responsible mineral supply chains ⬇️

— International Energy Agency (@IEA) October 2, 2023

Spain holds the rotating presidency of the EU Council, and is pushing for an international coalition to limit global warming to 1.5C above pre-industrial levels.

A report by the IEA said global emissions must peak before 2025 and then fall rapidly until they hit net zero by 2050 or earlier order to cap warming.

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“Solar is the name of the game. This year, of all the power plants installed in the world, more than 80 percent are renewable. And we are seeing an unprecedented electrification of the transportation sector,” said Fatih Birol, executive director of the IAE.

“The best news is that in the last two years, global clean energy investments increased by 40 percent.”

EU emissions plan

The European Union is looking to come up with a plan this month to outline a clear exit from burning fossil fuels, Reuters reported.

Setting out a timeline "would increase the pressure on countries that are reluctant to agree on a phase-out of fossil fuels".

The document cited measures already agreed by the EU and others that will curb oil consumption — including by fixing dates to end new sales of petrol cars.

Cop28 will be held in Dubai, United Arab Emirates, between 30 November and 12 December.

(with newswires)