IEA President announced! Electrification commitment proposal for COP31: Target 35 percent!

Participating in the program titled "Investment Summit Towards COP31: Mobilizing International Green Investments" held at Istanbul Financial Center via videoconference, Birol stated that COP31 is a "golden opportunity" for both Turkey and the world.

Birol pointed out that the most important agenda item in the world today is the crisis in the Strait of Hormuz, and said that this situation affects and will continue to affect all economic areas from agriculture to energy. Birol shared his opinion that "the crisis is a development that can interestingly contribute to the results of COP31."

Pointing out that the huge pipelines extending from Western Siberia to Europe and the oil and natural gas shipment by ships from the Strait of Hormuz to Asia and the rest of the world are the two main lines that provide energy to the world, Birol said that today both lines are "boiling", to say the least.

Birol stated that this situation led governments, companies and investors to make new policies and decisions in the short and long term, that the nuclear industry was born in response to the two major oil crises in 1973 and 1979, and that countries also increased efficiency in automobiles.

Stating that governments responded to today's crisis with new policies in a similar way, Birol said that he was not optimistic that the energy crisis would normalize in 2027, considering the situation of the countries and their energy policies.

Birol said, "Even if I try to look optimistically, I cannot come up with an argument that can convince myself. So, in 2027, I think this situation will continue in one way or another. The world will still try to at least heal the wounds of this crisis." he said.

ELECTRIFICATION IS ON THE AGENDA OF GOVERNMENTS

Birol stated that governments are turning to new energy types and new energy trading partners to reduce energy security risks, and said that the primary priority of these policies is the electrification of every possible area, from transportation to heating and industry.

For this reason, Birol stated that they suggested electrification as the main agenda item of COP31 and continued as follows:

"At the beginning of this year, I visited first our President, Mr. Erdoğan, and then the Australian Prime Minister Albanese, with whom we jointly organized the COP, and both of them declared us as strategic partners. We said, 'Currently, the share of electricity in total energy in the world is 23 percent. Let's establish a commitment to bring this to 35 percent in 2035 and let the countries sign it.' Because with electrification, energy security will increase and emissions will decrease. "The reason why we propose this is that it is very important and that we come up with a goal that everyone possible, the vast majority, can sign at a time when the world is so divided and countries have different ideas."

"ANTALYA MAY BE REMEMBERED LIKE THE PARIS AGREEMENT"

Birol stated that there are two criteria for the COP to be considered successful, and the first of these is how many countries participated in the organization and at what level of representation.

Birol stated that his meetings with countries around the world showed that the participation in Antalya looked quite good in terms of both the number of governments and the level of representation, and that it would get even better.

Stating that the second criterion is the electrification commitment to be issued in Antalya, Birol said, "For example, I hope Antalya will be remembered with this electrification, just as the Paris Agreement signed in 2015 is currently remembered. Of course, I do not know if we can get this out or not, but we are working hard for this." he said.

Birol stated that if the decision is taken, it will give an unmistakable signal to investors and capital that "the future of energy is in electrification" and that this political agreement will guide the financial circles and encourage investments in a wide range of areas, from generation sources such as solar, wind and nuclear, and transmission lines to electric vehicles, from heat pumps to the use of electricity in industry.