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The European Union (EU) is spearheading an initiative to set new global targets for energy efficiency and renewable energy by COP28, which will be held in Dubai by year-end.
“We could develop these targets by COP28, together with organisations like the International Energy Agency. These targets would complement other goals such as the phase-out of unabated fossil fuels and ambitious goals for zero-emission vehicles and ships,” European Commission President Ursula von der Leyen told the Major Economies Forum (MEF) on Energy and Climate hosted by US President Joe Biden.
Last year, Europe produced more electricity from the sun and wind than gas and any other source.
“And the world’s electricity system is now cleaner than ever before. We are on the path towards net zero. But the speed of our progress must accelerate,” she said.
Leyen said the EU backs the four objectives set for the MEF, which support achieving a net-zero power sector by 2040.
The European Commission has proposed a binding European target for carbon storage capacity to store 50 million tonnes of CO2 per year by 2030.
“Working together to achieve net zero is a must for the climate, a new frontier for technology, an opportunity for businesses and a driver for good jobs," she added.
As the Paris Climate Agreement mandates, COP28 will deliver the first-ever Global Stocktake, a comprehensive evaluation of progress against climate goals.
The conference will take place at Expo City Dubai from 30 November –12 December 2023.
(Writing by P Deol; Editing by Anoop Menon)
