1. We, the Ministers, responsible for energy of the IEA members and the European Union, met in Paris on 13-14 February 2024, with Irish Minister for Environment, Climate and Communications Eamon Ryan and French Minister Delegate in charge of Industry and Energy Roland Lescure serving as Co-Chairs, and Australian Minister for Climate Change and Energy Chris Bowen, Canadian Minister of Energy and Natural Resources Jonathan Wilkinson, Dutch Minister for Climate and Energy Policy Rob Jetten, and Polish Minister of Climate and Environment Paulina Hennig-Kloska, supporting as Vice Chairs.
2. We welcomed Ministers representing IEA Association and Accession Countries, the IEA Energy Business Council, and other invited guests and thank them for their valuable contributions to the meeting.
3. We gathered to celebrate the IEA's 50th Anniversary and to continue to prepare the Agency to address the energy-related challenges we face from a triple planetary crisis: climate change, pollution and biodiversity loss. The consequences of climate change are evident today through increased intensity and severity of droughts, water scarcity, wildfires, rising sea levels, flooding, melting polar ice, catastrophic storms and declining biodiversity. This situation emphasises the urgency to accelerate clean energy transitions. We welcome the outcomes of COP28 in Dubai towards achieving global net zero emissions by 2050. Recalling the COP28 Global Stocktake decision, we underline the commitment on transitioning away from fossil fuels in energy systems. We intend to mobilise and diversify additional necessary investment in the energy sector, and to achieve a fully or predominantly decarbonised electricity sector by 2035, in line with the Paris Agreement and to keep the 1.5-degree goal within reach. Recognising the significant emphasis on energy in the COP28 Global Stocktake decision, we call upon the IEA to continue to track and report our delivery against key commitments, identifying barriers to progress, and providing members and the wider global community with recommendations on how to accelerate our national secure, clean energy transitions.
4. We note that the financial investments necessary for the clean energy transitions will need to come from both public and private capital. We note the IEA analysis that clean energy investment from all sources needs to reach USD 4.5 trillion per year by 2030 to limit warming to 1.5°C, as set out in the IEA's Net Zero Roadmap, and ask the IEA to continue to work with key international financial institutions to remove barriers to investment. We underline the IEA's analysis that clean energy investment in emerging markets and developing economies will need to more than triple to USD 2.2-2.8 trillion per year by the early 2030s.
5. The IEA was founded during a time of crisis and disruption to ensure reliable energy supplies, ensure energy security, and promote energy efficiency. The IEA has evolved and expanded significantly since its foundation and must continue to adapt and react to global challenges. In the face of Russia's unprovoked aggression against Ukraine and ongoing conflict in Gaza, we recognise the persistent threat to global energy security. We underscore that Russia has weaponised energy, including not only in attacks on Ukraine's electricity grid and other energy infrastructure, but also intentional disruptions of security of supply of natural gas in Europe and manipulation of global oil markets. We remain resolute in our efforts to reduce our reliance on Russian energy and commodities. We also call upon the IEA to continue to monitor risks to shipping of energy, including in the Strait of Hormuz, and given the persistent and destructive Houthi attacks in the Red Sea. We confirm our readiness to act in solidarity through IEA mechanisms in the event of supply disruptions to the market, and we strongly expect the IEA to continue to fulfil its important role in ensuring global energy security.
6. We applaud the significant input to global energy and climate policy that the IEA has made under Executive Director Birol's leadership as it has evolved into an "IEA 3.0", helping to guide our responses to the energy crisis, sustaining the global transition towards clean energy, supporting international processes as well as through the progress made in implementing its "opening doors" policy and the related Association initiative.
7. As we celebrate the 50th anniversary of the IEA, we are determined that, driven by its members, the IEA will continue to be at the heart of global dialogue on energy, providing authoritative analysis, data, policy recommendations, and real-world solutions to help countries, within and outside of the IEA membership, in the global effort to maintain energy security and accelerate clean energy transitions to attain net zero greenhouse gas emissions by 2050. We therefore reaffirm our commitment to ensuring an Agency that is "fit for purpose" to deliver on our vision and priorities in view of the increased ambition for the role of the IEA to 2050 as a global leader on energy for a secure net zero economy with shared prosperity.
