IEA convenes global leaders for an affordable phase-out of coal emissions

The International Energy Agency (IEA) announced that a High-Level Advisory Group of global energy, climate and finance leaders, chaired by UN Special Envoy Michael R. Bloomberg, will provide strategic input for a forthcoming IEA special report that will explore how to put the world’s coal emissions on a path toward net zero amid the major energy security and affordability challenges that are affecting countries worldwide with particularly severe economic impacts in the developing world.

IEA Executive Director Fatih Birol convened the High-Level Advisory Group to offer recommendations for the major new IEA report – Coal in the Global Net Zero Transition: Strategies for Rapid, Secure and People-Centred Change – which is due to be published in the fourth quarter of 2022.

The report will provide the first authoritative assessment of how to tackle one of the world’s biggest energy and climate challenges in the changed global landscape resulting from Russia’s invasion of Ukraine.

India has also been included in this Advisory Group.

The group’s members will include Mafalda Duarte, CEO of the Climate Investment Funds; Patrick Graichen, Germany’s State Secretary for Economic Affairs and Climate Action; Aditya Mittal, CEO of Arcelor Mittal; Daniel Mminele, Head of South Africa’s Presidential Climate Finance Task Team; Gary Nagle, CEO of Glencore; Ahmed Saeed, Vice President of the Asian Development Bank; Kadri Simson, Commissioner for Energy of the European Union; Gurdeep Singh, Chairman and Managing Director of NTPC; Jonathan Wilkinson, Canada’s Minister of Natural Resources; and Zhang Lei, CEO of Envision Group. The group will meet twice prior to the publication of the report.

The emerging global energy crisis driven by Russia’s invasion of Ukraine has laid bare the challenges that countries face in ensuring reliable, sustainable and affordable energy supplies in a complex and uncertain geopolitical environment. As well as hurting consumers and businesses around the world, especially in developing economies, the turmoil in global energy markets threatens to derail efforts to prevent the worst effects of climate change. Last year, global energy-related CO2 emissions rebounded to their highest level in history, largely because of record use of coal to generate electricity. The special report will offer recommendations for how policy makers can achieve reductions in coal use without undermining economic growth and energy security, including measures to mobilise financing and address the social aspects of the transition.

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