Speech by President von der Leyen at COP28 on tripling renewable energy and doubling energy efficiency by 2030.

Ladies and Gentlemen,

Today, the world takes an important step to limit global warming to 1.5 degrees. Reaching this goal starts with transforming the energy sector. As you all know, energy accounts for 75% of the global greenhouse gas emissions. This has to go down. We must roll out more renewables, and we must use less energy to produce the products and services we need. And if this is right, we must set ourselves global targets. Because only what gets measured gets done.

This is the reason why, eight months ago, we launched the idea of global targets on renewable energy and energy efficiency. It looked like a long shot, an almost impossible gamble. But we all believed that we had to give it a try. And actually, the result is amazing. While Dr Sultan was speaking, and he was obviously very convincing, Mexico also signed up to our Pledge. We are now at 118 countries, from all continents, to sign up to the Global Pledge to double global energy efficiency; and to triple renewable energy capacity, to at least 11 terawatts. This is good news for at least three reasons.

First, we send a message of hope to all those people who need access and affordable energy to keep the lights on without polluting the air or to prepare meals without breathing in harmful smoke. We need clean energy that is affordable and accessible to all. The world's cheapest energy is the energy that is not used, as we all know. Therefore, we set the goal to double energy efficiency by 2030. And the world's cheapest energy source are renewables. Therefore, the goal to triple renewables by 2030. Solar energy, for instance, is today ten times cheaper than ten years ago.

And renewables create new and good jobs. Today, there are more clean energy workers in the world than fossil fuel workers. Since 2019, in all regions that saw declines in fossil fuel jobs, clean energy jobs have outweighed these losses by far. So, the transformation of our energy system is not only good for the planet, but it is also good for our economy, and it is good for our workers across the world.

Second point, with these goals, we also send a clear message to industries and investors. We are providing them with clarity and predictability about the future – the direction of travel. They will know how much additional capacity we need by 2030. And this will help them plan their business and investments. The global targets can mobilise much-needed private capital all across the world.

And my third reason is that the targets will also provide a benchmark to track progress. I am very grateful to the International Energy Agency and IRENA for their commitment to measure progress and to report on it. Because, as I said before, only what gets measured gets done.

Today is a day of celebration. We have built a truly global coalition – with large industrial economies, with small island states and with developing nations. We come from all corners of the globe and have very different starting points. But we are united by one common vision, by one single objective: to protect our climate while seizing the economic potential of the clean energy transition. I would like to thank all those who contributed. First of all, the COP28 Presidency. But let me also express my gratitude to all the leaders who championed this initiative from the very outset: President Ruto, Prime Minister Mottley, President Biden. All those who joined us here to make it happen. Thank you very much.  This is a great moment. But our work is only starting. 2030 is around the corner. In the coming days, we have to make sure that these targets are in the final COP declaration.

Last but not least, in some countries, the cost of capital for renewables is prohibitively high. That is the message I took away from the African Climate Summit in Nairobi. So, we need to unlock the necessary financial support for countries that need it. Therefore, I am glad to announce that, in the next two years, the European Union will invest EUR 2.3 billion from the EU budget to support this energy transition in our neighbourhood and around the globe. Because, my friends, every country on Earth deserves clean, affordable and homegrown energy.

Ladies and Gentlemen,

Excellencies,

Today can be a turning point to make the clean energy go global and to put the world back on track towards our 1.5 degree goal. I thank you very much. I wish us all a very successful COP28.

KeyFacts Energy News: Energy Transition