Climate and Energy Summit: Co-Chairs’ Statement

3.While ensuring the phase out of fossil fuels, including the end of new approvals of unabated coal-fired power plants, in line with the goal of net zero emissions by 2050 and safeguarding energy security and affordable prices.

4.Recognising that scaled-up investment in renewable energy and energy efficiency will be required to achieve these goals, and that this implies innovative financing mechanisms and reforms of our multilateral financing institutions, in order to promote investment in the energy transition of developing countries.

5.Highlighting the critical role of, and opportunity for, the fossil fuel industry and major producer economies to commit to net zero goals, to reduce emissions from their own operations, including methane emissions aiming at a reduction of methane emissions from their operations by 75% by 2030, and in increasingly investing and innovating in low-emissions solutions.