The Secretary General of the International Energy Forum (IEF) Joseph McMonigle congratulated the United Kingdom, Italy and all negotiating IEF countries on achieving consensus at the 26th UN Climate Change Conference (COP26).
COP26 concluded in Glasgow with nearly 200 countries agreeing the Glasgow Climate Pact, which finalizes the rules that govern the implementation of the 2015 Paris Agreement and speeds up the pace of climate action.
“I warmly congratulate hosts the United Kingdom and co-hosts Italy, and in particular COP26 President Alok Sharma, on successfully guiding the world to a consensus that will accelerate climate action and keep the Paris climate targets alive,” said Mr. McMonigle, who participated in the Glasgow talks.
Mr. McMonigle also congratulated Egypt and the United Arab Emirates, both important IEF members, for being selected to host the COP27 and COP28 scheduled for 2022 and 2023.
All 71 members of the IEF are signatories to the landmark Paris Agreement, signed at COP21 in 2015, which binds them to cut emissions to limit warming to within 2°C, ideally 1.5°C, adapt to climate change impacts, and provide financial aid for low- and middle-income countries.
Ahead of the COP26, the IEF supported its members with respect to their commitments to reduce emissions of carbon-dioxide and methane. The IEF has advanced its work on carbon management technologies such as carbon capture, use and storage (CCUS) and hydrogen, and completed the IEF Methane Initiative, a standardized methodology to more accurately measure emissions based on satellite technology.
Commitments to scale carbon management technologies and cut methane are contained in countries’ Nationally Determined Contributions (NDCs), which set out detailed plans for implementing targets to reduce greenhouse gas emissions. In Glasgow, all countries agreed to revisit and strengthen their 2030 NDC targets next year.
After six years of discussions, Glasgow also saw the completion of the Paris Rulebook, the guidelines for how the Paris Agreement is delivered. This allows for the full delivery of the accord, after agreement on a transparency process which will hold countries to account as they deliver on their targets.
And for the first time, heeding calls from civil society and countries most vulnerable to climate impacts, the COP26 agreed action on phasing down unabated coal-fired power.
“As the world embarks on this accelerated energy transition, the dialogue between energy producers and consumers will be essential to maintaining market stability,” said Mr. McMonigle.
On the eve of COP26, the leaders of the Group of 20 largest world economies (G20) called on the IEF to lead “intensive dialogue” on the evolution of energy markets.
“The IEF remains committed to facilitating dialogue between producers and consumers to bolster the efficiency, transparency and stability of the energy markets, working towards a just and orderly energy transition that works for all,” Mr. McMonigle said.