Minister Ryan co-chairs 2024 International Energy Agency Ministerial

IEA 50th anniversary will focus on need to transition away from fossil fuels and ramp up financing of clean energy, especially in the developing world.

The Minister for the Environment, Climate and Communications, Eamon Ryan, will co-chair the 2024 International Energy Agency (IEA) Ministerial this week, alongside his French counterpart.

This is the first time Ireland will co-chair the event, which brings together energy and climate ministers representing more than 40 governments from around the world. This year also marks the IEA's 50th anniversary and is the first major multi-lateral event to take place following COP28 in Dubai last year.

The IEA is a leading intergovernmental organisation, providing policy recommendations, analysis and data on the global energy sector to its more than 40 member and association countries, including the USA, China and most EU countries.

A priority focus at the Ministerial will be on how the world can transition away from fossil fuels, as agreed at COP28 in Dubai. Ministers are expected to agree that developing new long-term oil and gas supplies is incompatible with keeping global warming below 1.5°C. If the world is to develop the clean energy alternatives, the IEA estimates that investment from all sources — both public and private — needs to reach USD$4.5 trillion per year by 2030. At least USD$2.2 trillion of that must be spent annually in developing and emerging markets.

Minister Ryan said that the 2024 IEA Ministerial is a critical stepping stone in the series of international meetings that will determine how the world can set higher climate ambitions for each country and provide the financing they need to make the transition. He referred to the important role of Brazil, which holds the presidency of the G20 in 2024 and which will host COP30 in 2025. This will be the location where we will have to combine that greater ambition with strong financial mechanisms, he said.

Minister Ryan said:

The Paris meeting will conclude with the publication of an agreed 'communiqué,' which is the cornerstone document of the IEA Ministerial. It will outline new mandates for the IEA up to 2026, and include the measures adopted by the agency to shape their renewables-focused work over the next two years.

The IEA was established during the energy crisis of the 1970s and this year's meeting also comes at a time of global uncertainty in energy markets, with Russia’s invasion of Ukraine and the conflict in Gaza highlighting vulnerabilities to the energy system and underscoring the need for a transition to renewable energy and greater energy security.

The full agenda for the 2024 IEA Ministerial is available on the IEA website.

Minister Ryan is a frequent and leading voice at European Councils on energy, environment and transport, and was elected as co-chair of the IEA due to his expertise in renewable energy and climate change. In 2022, he was appointed as lead EU negotiator on talks at COP27 in Sharm-El-Sheikh, Egypt, which delivered a historic breakthrough on Loss and Damage financing. He also served as co-chair of the European Councils' North Seas Energy Co-operation (NSEC) throughout 2022, and was instrumental in bringing the UK back into the 10 member-state organisation, which supports and facilitates development of Europe’s huge offshore grid and renewable energy potential.

International Energy Agency (IEA)

The International Energy Agency (IEA) is at the heart of global dialogue on energy, providing authoritative analysis, data, policy recommendations, and real-world solutions to help countries provide secure and sustainable energy for all. The IEA was created in 1974 to help coordinate a collective response to major disruptions in the supply of oil. While oil security remains a key aspect of their work, the IEA has evolved and expanded significantly since its foundation.

Since 2015, the IEA has opened its doors to major emerging countries to expand its global impact, and deepen cooperation in energy security, data and statistics, energy policy analysis, energy efficiency, and the growing use of clean energy technologies.