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5/12/2023 4:30 PM


A Step Change for Just Energy Transition: Mobilising Capital and Harnessing Socio-Economic Benefits

Event Information

A global, green and just energy transition with an accelerated expansion of renewables, an energy efficiency deployment and a phase-out of fossil fuels is needed to keep the 1.5 degrees temperature limit of the Paris Agreement within reach while making sure that the Sustainable Development Goals are met.

Germany remains a reliable partner of developing and emerging economies in driving a global sustainable energy transition aligned with the Paris Agreement, actively assisting countries in achieving both economic development and a sustainable, secure energy supply. The concept of “Just Transition” not only emphasises a shift towards renewable energy sources but also underscores its co-benefits in terms of economic and environmental sustainability.

Therefore, Germany calls for ambitious goals for renewable energy and energy efficiency to be agreed at COP28.

  • tripling the global installed capacity of renewable electricity sources to at least 11 TW
  • doubling the global rate of energy efficiency improvements by 2030 compared to the previous decade.

Combining these goals with robust multilateral strategies and support programmes is imperative to effectively drive a just energy transition.

This side event, organised by the German Federal Ministry for Economic Cooperation and Development (BMZ), will seek to dive into two central elements of the just energy transition required to achieve new global goals for renewable energy and energy efficiency while phasing out fossil fuels: Mobilising Finance and Harnessing Socio-Economic Benefits. It will facilitate an open exchange of ideas and insights, deriving from experience of representatives from governments as well as the finance and private sector.