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COP29-IEA high-level energy transition dialogue kicks off

November 13, 2024 • 3 min read

-As UN Chief calls for urgent action on energy transition with justice, equity

By Samuel Ogunsona

The COP29-IEA high-level energy transition dialogue has officially kicked off, marking a step towards achieving sustainable and equitable energy future.

This dialogue is part of the larger COP29 conference, which isongoing in Baku, Azerbaijan, from November 11 to 22.

The conference is centered around four key areas for action which are climate finance, Article 6 of the Paris Agreement, growing the Loss and Damage Fund, and getting adaptation on track.

On the other hand, the United Nations, UN, Secretary-General, António Guterres, has stressed the urgent need for a just and equitable energy transition, highlighting the devastating impact of climate change on vulnerable populations.

Speaking at the COP29 High-Level Meeting on Resourcing the Energy Transition with Justice and Equity, Guterres emphasized the critical role of critical minerals in the renewables revolution.

The energy transition is expected to surge demand for critical minerals, with Governments aiming to triple global renewables capacity by 2030 and phase out fossil fuels.

However, this surge also raises concerns about exploitation and inequality in developing countries rich in resources.

Communities are often exploited, rights trampled, and environments damaged.

However, the energy transition presents a huge opportunity for developing countries to generate prosperity, eliminate poverty, and drive sustainable development.

The Secretary-General’s Panel on Critical Energy Transition Minerals has identified seven voluntary principles and five actionable recommendations to ensure justice and equity across critical mineral value chains.

Guterres has urged leaders in Government, industry, and civil society to join the effort, emphasizing that developing countries will be in the driving seat alongside Indigenous Peoples, local communities, young people, and trade unions.

“I urge all leaders – in government, industry and civil society – to join us” Antonio said.

As demand for critical energy transition minerals surges, so must action.

“The United Nations system is coming together to help implement the Panel’s findings.

“We will work with Member States and other stakeholders to establish the recommended High Level Expert Advisory Group.

“This will accelerate action on key economic issues, including benefit sharing, value addition, and fair trade.

“Developing countries will be in the driving seat.

“And Indigenous Peoples, local communities, young people, civil society, industry, and trade unions will be at the table, alongside governments.

“We will also take forward the recommended global traceability, transparency and accountability framework for the entire critical mineral value chain.

“This will help to drive responsible production, safeguarding human rights and the environment” Antonio mentioned.

Also, the International Energy Agency (IEA) is hosting a high-level dialogue on the transition away from fossil fuels at COP29.

The IEA is also launching the G20 Clean Energy Investment in Developing Economies Roadmap, which aims to promote clean energy investment in developing economies.