Presidents,
Ladies and Gentlemen,
Excellencies,
It is wonderful to be here, and I am looking forward to discussing how we can boost the global clean energy transition. The world is moving faster than ever towards clean energy, with last year seeing a record USD 2 trillion in spending. For every dollar invested in fossil fuels, two dollars went to renewable energy. In the power sector, clean energy investments outnumber fossil fuels ten to one. This is a shift we have been working towards for years. At COP28, we set bold targets: triple renewable energy and double energy efficiency by 2030. This transition is not just good for the planet but also for innovation, energy independence, economic competitiveness, and reducing energy bills.
However, challenges remain. Not everyone is part of this transition. Africa, with 60% of the worlds best solar resources, receives less than 2% of global clean energy investments. This is unacceptable and unfair. Together with President Ramaphosa and Global Citizens, we launched Scaling up Renewables in Africa to bring clean energy to those who need it most.
Secondly, we need to accelerate. Its about manufacturing capabilities, grid upgrades, and energy storage. Massive investments are required, and no one can do it alone. We must collaborate and act now.
Today, we launch the Global Energy Transition Forum, uniting partners worldwide, from Brazil to Canada and beyond. Our goals: sustain the momentum of our energy agreement, turn targets into measurable progress, and unlock more investment. We will rely on the International Energy Agency to measure our progress.
Our second goal: convert targets into tangible projects, focusing on flagship initiatives under Brazils COP leadership. This allows us to exchange best practices and achieve real progress.
Finally, the Forum should help unlock more investment. We need smarter financing and can learn from African governments successful strategies. Clean energy investments in Africa have nearly doubled over the last two years.
The Forum connects the dots, ensuring governments, companies, and investors collaborate effectively. Europe remains committed to accelerating the clean energy transition.
Thank you.