The availability and accessibility of critical minerals for the energy transition is crucial to achieving the goals set out in the 2015 Paris Agreement, the minister said in Dubai during the G77 and China Leaders Summit, a parallel event to COP28.
The proposed Panel on Critical Minerals for the Energy Transition will bring together governments, international organizations, industry and civil society to develop common and voluntary principles to guide the extractive industry’s advancement in the coming years “in the name of equity and sustainability.”
“We need a fair and just transition from fossil fuels to renewable energy. The existence of some countries in this area depends on it,” said the High Representative.
COP28 must commit countries to tripling their renewable energy capacity, doubling energy efficiency and making clean energy available to all by 2030, he stressed.
The phase-out of fossil fuels must be done with a fair roadmap and a timetable that is compatible with the goal of a global temperature rise of no more than 1.5 degrees Celsius.
He noted that the rise of green energy is an opportunity for resource-rich developing countries to transform and diversify their economies.
For his part, President of the 78th General Assembly Dennis Francis praised the G77 and China for leading the initiative to transition to renewable energy and pushing calls to strengthen resilience.
The Cuba-led group led discussions on climate finance, including calling for a reform of the international financial architecture that would allow developing countries greater access to development finance without excessive, unsustainable debt levels, he acknowledged.
Francis announced his intention to convene a Sustainability Week in April 2024 to address these dynamics related to infrastructure, transportation, tourism and, of course, energy.
“We must continue to support these sectors, which are so important to modern economies and yet are among the largest contributors to atmospheric emissions,” he added.
The representative invited heads of state and government of developing countries to participate in this initiative to harness the impact of the decisions taken at COP28.
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