Press release
Minister Eamon Ryan appointed an EU lead negotiator on Climate Finance at COP28
From Department of the Environment, Climate and Communications
Published on
Last updated on
From Department of the Environment, Climate and Communications
Published on
Last updated on
Minister for the Environment, Climate and Communications Eamon Ryan has been appointed as one of the EU’s lead negotiators on the critical issue of climate finance at COP28 in Dubai. Minister Ryan held a similar lead role at last year’s COP27, where he led successful negotiations on what became the defining issue of that conference – Loss and Damage. This year he will work with his French counterpart – Agnès Pannier-Runnacher, Minister for Energy – as discussions at the UN climate conference now move into the crucial political phase.
The EU’s position, and the one that Minister Ryan will be advocating for, is that climate should be at the centre of all financial and economic decisions and that international financial flows should be consistent with the aim to keep global temperature increases to as close to 1.5°C as possible by 2030, as set out in the 2015 Paris Agreement. This will necessitate a plan to ultimately phase out unabated fossil fuels. However, in order to do this, Minister Ryan contends that there has to be a strong alternative and that it has to be easier for countries, and particularly developing countries, to shift to new, clean renewable energy systems.
The International Energy Agency’s Net Zero Roadmap has outlined that limiting global warming to 1.5°C will require a $4.3 trillion investment annually in clean energy by 2030.
Minister Ryan said:
"We must keep the rise in global temperatures below 1.5°C [degrees]. In order to do this, we will have to phase out unabated fossil fuels. But this can’t happen overnight, and we must have a meaningful alternative so that countries that are currently reliant on this polluting form of energy can switch easily and faster to clean, renewable energy systems.
"This will require a reform of global financial systems, switching investment flows from fossil fuel into the clean energy sector. In essence, this means that it must become cheaper and more attractive to invest in renewables, particularly for developing countries, and much more expensive and less attractive to invest in dirty energy systems and ongoing exploration."
He said that it was essential that climate justice is stitched into climate finance:
"We are falling behind on the battle for climate justice. At the moment, we have a situation where the Netherlands has more solar panels than the entirety of Africa, where there is at least 60% of the world’s solar radiation. This is wrong, this has to change.
"Working to ensure financial flows are weighted in favour of clean energy in developing countries can power more balanced development, helping in turn to bring about greater global security and stemming forced migration because of climate breakdown. We have to have a just transition and it needs to be fast. If it’s not fast, it won’t be just and if it’s not just it won’t be fast. This will require new wrap-around blended financing, which combines both private and public financing, aimed at reducing risk and incentivising investment in developing markets particularly. In addition, there should be consideration of innovative sources of funding for climate financing, particularly from the fossil fuel sectors like aviation or maritime."
Ministers Ryan and Pannier-Runnacher were among a small EU team appointed by the co-leader of the EU delegation at COP28, Teresa Ribeira, who holds a central position at the COP28 climate talks because Spain holds the EU’s revolving presidency. Both Ministers have also previously been appointed to co-chair the International Energy Agency Ministerial in 2024.
Irish officials will also be heavily involved in negotiations over the coming week, building on the success of Irish policy input at last year’s negotiations at COP27 in Sharm-El-Sheik.