13 June 2022

DeustoForum 2022

Joseph McMonigle, Arantxa Tapia and Jorge Fernández during the event held in Bilbao. © DeustoForum

The Secretary General of the International Energy Forum, Joseph McMonigle, and Arantxa Tapia, Minster for Economic Development, Sustainability and Environment of the Basque Government, reflected on the complex geopolitical and energy situation we are experiencing at DeustoForum.

The transition to a sustainable global economy is entering a decisive phase that will require, in order to meet the goals of the 2015 Paris Agreement, significant progress in the process of decarbonising the economy in the coming years. The urgency to carry out profound transformations throughout the energy value chain and the current, complex geopolitical and energy situation pose multiple challenges for governments, businesses, and societies around the world.

Joseph McMonigle, Secretary General of the International Energy Forum-IEF, and Arantxa Tapia, Minister of Economic Development, Sustainability and Environment of the Basque Government, addressed the global and local challenges of energy transition and decarbonisation last Thursday in a new edition of the DeustoForum.

The meeting was moderated by Jorge Fernández, coordinator of Orkestra's Energy and Environment Lab, who opened the event by stressing the importance of urgently addressing the energy transition and decarbonisation: "We must take advantage of the Basque experience in this industry and use its strengths to support the energy transition".

In his speech, Joseph McMonigle stated that the energy markets are at a critical moment, but this situation is not only a consequence of the invasion of Ukraine. According to the Secretary General of the IEF, this trend was already on the rise in October 2021 and is due to structural reasons, which urge us to move towards greater energy diversification: "We need to rethink the current energy markets and the energy roadmap for post-pandemic and post-war reconstruction".

Arantxa Tapia presented the Basque Green Deal, a work plan that aims to reduce greenhouse gases by 45% by 2030 and achieve climate neutrality by 2050 in the Basque Country. To this end, it establishes short- and medium-term objectives to help build the foundations for a triple energy transition in the Basque Country: reducing the unemployment rate to below 10%, exceeding 40% of GDP in industry and advanced services, reducing greenhouse gas emissions by 30%, achieving a 20% share of renewable energies in final energy consumption and reducing dependence on other energy sources such as coal or natural gas.