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EU announces three Energy Compacts to accelerate the clean energy transition

At the UN High-Level Dialogue on Energy in New York, Executive Vice-President for the European Green Deal, Frans Timmermans and Commissioner for Energy, Kadri Simson presented three Energy Compacts, in partnership with the International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA).

In their roles as Energy Access Champion and Just Transition Champion in this UN process respectively, the Executive Vice-President and the Commissioner highlighted the EU’s willingness to lead the global efforts to reach universal energy access by 2030 and accelerate the clean energy transition and showed concretely how the European Green Deal plays a role on the global stage.

“Clean energy is more affordable now than ever, so the time is ripe to break the global dependence on fossil fuels,” said Mr Timmermans. “Recovery from the pandemic gives us an opportunity to transition faster and to build new energy systems based on renewables. It is important that we address these issues at this moment of recovery and cooperate to accelerate the global energy transition.”

“The EU is supporting the global dialogue on just transition based on our own experience in moving away from coal,” added Mrs Simson. “We are inviting other donors, International Financial institutions and investors to take these steps with us, to turn roadmaps and strategies into projects which bring clean energy and sustainable jobs.”

The three UN Compacts which the Commission announced will contribute to mobilising the investments necessary to reach universal energy access and to accelerate the clean energy transition around the world.

Firstly, a new project with the International Energy Agency (IEA) will prepare zero-emission energy roadmaps for countries dependent on coal. The roadmaps will propose inclusive pathways for energy system decarbonisation that ensure a just, socially fair transition that leaves nobody behind while ensuring the security of energy supply and growing energy access. Secondly, a cooperation with the International Renewable Energy Agency (IRENA) to prepare Regional Energy Transition Outlooks for Africa, Latin America and the Caribbean and Europe. Thirdly, a project together with Denmark, Germany, IRENA and other partners on a Green Hydrogen Compact Catalogue.

The three Compacts are strongly linked to the EU’s climate and energy priorities, in particular universal energy access, just transition and the promotion of renewable energy, including green hydrogen. The Compacts will contribute to achieving the global clean energy transition and complement the EU’s commitments on climate finance.

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