IEA member nations reaffirm net-zero climate goals, emphasize energy security

Energy and climate ministers from the US and nearly 50 other countries reaffirmed their goal to reach net-zero greenhouse gas emissions by 2050, and they emphasized the importance of "well-functioning global LNG markets" and oil security as nations continue to decarbonize.

The 46-point communique from the International Energy Agency's 2024 ministerial meeting, held Feb. 13-14 in Paris, called on the agency to strengthen efforts to track the clean energy progress countries are making. The IEA members said they will continue to mobilize energy investments to decarbonize all or most of their power sectors by 2035, and they stressed the need to scale up clean energy finance for emerging economies.

At the same time, concern over geopolitical uncertainty was evident throughout the IEA statement.

The member nations asked the IEA to take a "comprehensive look" at how global energy security is affected by increasingly interwoven energy supplies. The agency was also tasked with exploring ways to establish enhanced storage and reserves of natural gas, signaling the agency's 31 mainly European members' concern over the Ukraine war and turmoil that rocked energy markets in recent years.

"We underscore that Russia has weaponized energy" by attacking Ukraine's energy infrastructure, intentionally disrupting the security of Europe's natural gas supply and manipulating global oil markets, the communique said. "We remain resolute in our efforts to reduce our reliance on Russian energy and commodities. We also call upon the IEA to continue to monitor risks to shipping of energy, including in the Strait of Hormuz, and given the persistent and destructive Houthi attacks in the Red Sea."

The mandates laid out in the IEA members' communique will guide the agency's mission going forward, including talking with India about joining its membership and opening IEA's first Asia-Pacific office, to be located in Singapore. At the meeting in Paris, Latvia was also invited to join as the agency's 32nd member.

Among the US delegation attending the IEA meeting were Energy Secretary Jennifer Granholm; John Kerry, the outgoing special presidential envoy for climate; and Geoffrey Pyatt, assistant secretary for the State Department's Bureau of Energy Resources.

"For 50 years, the IEA has evolved to bring together nations from across the world to support dialogue and action on global energy security," Granholm tweeted Feb. 13. "The US is proud to be part of the mission to advance a secure, sustainable future and worldwide clean energy transition."

Founded in response to the 1973-1974 oil crisis, IEA's core mission continues to be energy security, but under the leadership of Executive Director Fatih Birol, the agency has refocused much of its research and efforts on transitioning nations away from fossil fuels.