IEA Ministerial: With the right packages of policies, clean energy transformations will boost energy security and affordability

At a moment of significant geopolitical uncertainty and accelerating energy transitions, governments around the world must take steps to ensure that energy supplies remain secure and affordable for all – a process that can be enhanced by promoting effective policies and best practices at the regional and local level so that the tangible benefits of clean transitions are widely perceptible.

Ministers and high-level officials from around the world discussed such measures at an event this week in Paris organised by the International Energy Agency and Poland during the IEA’s 2024 Ministerial Meeting and 50th anniversary in Paris on 13 and 14 February.

Chaired by Poland, the high-level dialogue looked at the crucial components of safeguarding energy security through clean energy transitions, taking into account a range of regional perspectives and local solutions. The discussion covered issues such as moving away from fossil fuels in an orderly and secure manner, as agreed at the COP28 climate summit in Dubai; ensuring the resilience of clean energy supply chains, including for critical minerals; and guaranteeing the affordability of energy supplies, especially for vulnerable groups.

The global energy crisis sparked by Russia’s invasion of Ukraine pushed energy security to the top of the political agenda for governments, which launched unprecedented interventions to shield consumers and businesses from soaring energy prices. These experiences highlighted the need to prepare for future shocks and limit price impacts during transitions to more sustainable and self-sufficient clean energy systems, given the central role that access to undisrupted and affordable energy plays in societies and economies.

Ensuring energy security through clean energy transitions is at the centre of the IEA’s mission. Throughout the recent energy crisis, the IEA has deepened its work with governments around the world, sharing data, analysis and policy advice to inform their responses.

Ministers from IEA member countries also directed the Agency in a joint communique this week to develop a framework to advance the objectives that have been laid out for a voluntary IEA Critical Minerals Security Programme, which would look to boost the security of the supply chains for the crucial minerals needed for clean energy technologies. Last year, the IEA published the first edition of a new annual Critical Minerals Market Review and hosted the first international summit on critical minerals and clean energy.