The Powering Past Coal Alliance welcomed ten new members, including Hungary, Uruguay, the City of Kyoto (Japan), utilities Ontario Power Generation (OPG) and National Grid (UK), as well as investment managers and pension funds from Canada, Denmark, the Netherlands, the UK and the US at the organization’s first Global Summit held on March 2.
A press release of the British Embassy in Budapest highlights that ministers and key leaders from international organizations, industry and civil society from around the world convened for the first such summit to discuss actions to accelerate the pace of the transition from coal to clean energy ahead of the UN Climate Summit, COP26, in November.
Hungary has announced its commitment to phasing out coal by 2030, showcasing the growing momentum on meeting the 2030 coal phase-out date among the EU Member States. Hungary was represented at the online summit by State Secretary for the Development of Circular Economy, Energy and Climate Policy at the Ministry of Innovation and Technology Attila Steiner, who said that “Hungary joined the PPCA because we understand that phasing out coal globally requires strong international cooperation. We are ready to share our experiences regarding the implementation of our plans to realize a full transition of our biggest coal region to an economically and environmentally sustainable region by 2030.”
Welcoming yesterday’s announcement, the British Ambassador to Hungary, Paul Fox said that “the United Kingdom congratulates Hungary for its accession to the Powering Past Coal Alliance, and we look forward to working even more closely together on issues such as clean energy and coal phase-out.”
While a transition away from unabated coal power is well underway, according to IEA, it is moving too slowly to meet the Paris Agreement goals. Accelerating the shift is crucial to keeping global temperature rise within 1.5°C. It would also help address the global economic crisis and create millions of new jobs in clean energy.
According to the IPCC and in line with the PPCA declaration, by 2030, four-fifths of coal electricity generation must be replaced by clean energy globally, and entirely in developed countries. Setting an early date for a just and complete transition from coal to clean energy is the critical first step to reaching the long-term net zero commitments recently adopted by most countries, including top emitters.
The PPCA Global Summit is the year’s largest global gathering on coal power phase-out. In addition to the high-level plenary, it consists of a series of thematic sessions on grid transformation, shifting private finance, ensuring just transition, financing early retirement of coal plants, meeting net-zero targets and planning for future power demand. The Summit has brought together over 500 participants representing national and subnational governments, finance and energy sectors, trade unions and civil society.
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