BAKU — At a panel meeting during the Preliminary Conference of the Parties on Climate Change (Pre-COP29), Peter Michalko, the European Union Ambassador to the Republic of Azerbaijan, emphasized the critical need for accelerating the global transition to clean energy in order to meet the climate goals established by the Paris Agreement.

According to Azeri-Press News Agency, Ambassador Michalko outlined the ambitious vision adopted in March 2023, which includes a global goal to double energy efficiency by 2030. “At COP28, the world united behind these ambitious goals. To keep the spirit of COP28 alive and achieve consensus in the UAE, we must accelerate the world's progress in the clean energy transition," Michalko stated. He highlighted the necessity of creating favorable conditions for clean energy technologies, which involves speeding up permitting procedures for renewable energy projects and enhancing the integration of renewable energy into existing networks.

The ambassador also addressed the financial challenges associated with the clean energy transition, noting that substantial investments are required, particularly in regions where capital is not easily accessible. "The transition to clean energy will require large investments, especially in regions where affordable capital is scarce," he explained. Michalko emphasized the role of public finance and the need to mobilize private capital to support the development of clean energy technologies and infrastructure.

This push towards clean energy is seen as essential not only for achieving the established climate targets but also for ensuring sustainable economic and environmental health globally.