“Check against delivery”

 

Dear President Ruto,

Dear Prime Minister Davis,

Dear Ambassador Corrêa do Lago,

Dear Andrew,

Thank you for the kind introduction

Excellencies,

It is a pleasure to open this session on Renewable Energy Abundance. Our discussion is very timely. Because the energy transition has truly taken off. In 2024, almost EUR 2 trillion were invested worldwide in clean energy.

For every Euro spent on fossil fuels, more than two went into clean energy. The economics are clear. 90% of new renewable projects generate power more cheaply than fossil fuels. Solar is now 41% cheaper than the lowest-cost fossil alternative. So yes, the momentum is real.

But momentum alone is not enough. To usher in a true age of renewable abundance, with clean, affordable energy for all, we must act decisively. Together, as governments and industry. And together, as partners across continents. Because clean energy is not only about addressing climate change. It is about security. And it is about prosperity.

So let me focus on three points. The transformation that is underway in Europe. The partnerships we are building across continents.  And what more we must do together globally.

First, Europes experience. After Russias invasion of Ukraine, Russia cut us off the gas supply from one day to the next and we faced a severe energy crisis. Our response was not to retreat but to accelerate. We doubled down on renewables. This was not only good for the climate, but because they are the most secure and affordable option in the long term.

Today, almost half of Europes power comes from renewables. Solar and wind are our fastest-growing sources. And with our Clean Industrial Deal, we are mobilising over EUR 100 billion to help industries innovate and adapt.

This ambition and stability is attracting capital. Investments in renewables grew by 63% this year alone. But we know there is more work to be done. We are working to strengthen our grids, so the benefits of clean affordable power can reach every corner of our Union.

Second, our work with partners. Greater independence does not mean isolation. Across continents, new connections are being built.

The ELMED interconnector between Italy and Tunisia will be the first direct current link between Europe and Africa. In North Africa, projects such as the ones championed by you, dear Andrew, are creating a “Green Corridor” for clean industry and hydrogen. These projects are win-win-win. They deliver on our climate goals, create clean jobs on both continents, and strengthen energy security.

That is why the energy transition should be at the heart of our international agenda. Through Global Gateway, we will mobilise EUR 300 billion by 2027. This is about long-term partnerships that deliver change on the ground. In the Caribbean, hydrogen technologies are stabilising renewable power supply

 In Kenya, we are investing EUR 3.4 billion in climate and nature projects, to support the governments goal of 100% clean power by 2030. These are just a few examples, but our approach is simple. If we share the same interests and ambitions, we want to work together with you.

Finally, more can be done globally. Earlier this year, we launched the Global Energy Transition forum. This is a place to work together as partners. To sustain political momentum and track delivery of our commitments. Because what gets measured, gets done.

But it is also about turning goals into action. That means working closely with industry and investors, to unlock renewable projects in developing countries. We know the barriers - high capital costs, risk premiums, and unstable investment conditions.

So my message to the CEOs and investors here today is this - Tell us what you need. What guarantees, risk-sharing tools, or regulatory frameworks would allow you to invest at scale where it matters most? And what must governments do to help you deliver? And in return, we ask you to commit. To put your capital, your technology, and your innovation to work in the regions where it will have the greatest impact. To deliver on net-zero, to strengthen energy security, and to drive prosperity.

Because only if the benefits are truly global can we speak of a new age of renewable abundance.

Thank you and I look forward to continuing our joint work.