BAKU, Azerbaijan, November 12. Three key areas can achieve significant results in climate action, European Union Commissioner for Climate Action Wopke Hoekstra said at a ministerial dialogue themed "Scaling up Investment for Tripling Renewables and Doubling Energy Efficiency" within COP29 in Baku today, Trend reports.
"Let’s start with power grids. Tripling renewable energy and global electrification require significant infrastructure improvements. The International Energy Agency predicts that by the end of the decade, 25 million kilometers of new and upgraded power lines will be needed.
Europe is investing in this through the 'Global Gateways' strategy, with 300 billion euro allocated to fund projects around the world — from modernizing infrastructure in Nepal to building new high-voltage lines between Ecuador and Peru. This is just part of our global reach," noted Hoekstra.
The second focus is critical minerals, he explained.
"Clean technologies require sustainable and reliable sources of minerals — such as lithium, cobalt, and rare-earth elements, which are essential for batteries, turbines, and solar panels. Global demand for these minerals is expected to triple by 2030, and the demand for lithium could increase 40-fold by 2040.
The extraction and processing of these resources must be sustainable and benefit local communities. Europe, as co-chair of the UN Critical Minerals Panel, is committed to high standards for supply chains and has already received 170 proposals from around the world for mining, processing, and recycling projects. This creates real opportunities for producing countries," he added.
He mentioned investment as the third focus.
"Renewable energy, grids, and minerals all require significant investment. Europe remains the largest source of climate finance, allocating $31 billion per year. However, public funding alone is not enough. It is crucial to engage the private sector to meet the needs of the clean energy transition.
Today, 760 million people still lack access to electricity, especially in sub-Saharan Africa, which has immense clean energy potential. Our job is to support them by lowering the cost of capital to ensure access to clean energy worldwide. At the G20 Leaders’ Summit, European Commission President Ursula von der Leyen will present a new initiative alongside South Africa and Global Citizen," emphasized the commissioner.
"Tripling renewable energy and doubling energy efficiency are ambitious but achievable goals. They will reduce reliance on fossil fuels and bring us closer to net zero. Our main task is to manage this transition wisely, so that everyone can benefit from clean energy. The EU is ready to support this," concluded Hoekstra.
To note, the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will run until November 22, opened on November 11 at the Baku Olympic Stadium.
The event is the largest organized by Azerbaijan to date and is the first time the region has hosted the event in Azerbaijan. Within COP29, the highest-level event - the summit of world leaders on climate action - will be held on November 12–13.
The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance. The COP29 chairmanship has launched 14 initiatives that include linkages between climate action and the Sustainable Development Goals, including green energy corridors, green energy storage, harmony for climate resilience, clean hydrogen, methane reduction in organic waste, action on green digital technologies, and other topics.
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