Minister Baerbock, Dear friends,
I commend the German government for hosting the Berlin Energy Transition Dialogue.
Your leadership is essential.
We need to fix the broken global energy mix.
To limit global temperature rise to 1.5 degrees, the world requires a 45 per cent reduction in emissions by 2030 and carbon neutrality by mid-century.
We are far off track.
Last year, global energy-related carbon dioxide emissions grew by 6 per cent when they should be falling.
In fact, with current national commitments, emissions are projected to increase by almost 14 per cent this decade.
Our planet has already warmed by as much as 1.2 degrees.
We see the increasingly devastating consequences everywhere.
So how do we keep 1.5 alive?
By accelerating the phase-out of coal and all fossil fuels and rapidly increasing the use of renewable energy.
The major economies must do much more to lead the way.
This includes helping emerging economies to simultaneously implement a rapid, just and sustainable energy transition.
And it means using all our innovation to create the right mechanisms, including financial instruments, that will promote the transformation we so urgently need.
We must discourage and end private sector financing for coal.
Coal emissions have surged to record highs.
Lenders need to recognize that coal and fossil fuels are futile investments that will lead to billions of dollars in stranded assets.
It is also time to end fossil fuel subsidies and stop the expansion of oil and gas exploration.
The current crisis shows that we must accelerate, not slow, the renewable energy transition.
This is the only true path to energy security.
I count on you to lead the way.