Intergovernmental Organizations

Many International Governmental Organisations (IGO’s) enjoy an observer role in the COP meetings. Big
IGO’s, like the International Monetary Fund (IMF), World Bank and the International Energy Agency (IEA) see
multiple ways in the international market to promote working towards net zero emission and consumption. The
IMF wants to remove subsidies on fossil fuels as efficiently and carefully as possible. Therefore countries must
cooperate more with international financial organisations to promote green investment and re-allocate fossil
fuel-investment to green sectors. The World Bank shares a net zero fossil fuel financing policy. By financing a
green transition in developing countries, the World Bank aims with its financial assistance and shared
knowledge to help countries reduce poverty, and fight climate change. The IEA shares the view that coal usage
should be zero in the future. However, they see this as a big challenge for iron and steel industries. They
furthermore expect oil to be used for decades in the transportation sector and see natural gas as a possible
backup for solar and wind energy. Therefore making climate policy and market solutions will remain a
challenge!

During the last COP session, 173 IGO’s applied to be there. Only 20 were admitted!
The peak of oil-consumption is estimated to be in 2028, and the IEA projects that electric cars could displace the
need for over 6 million barrels of oil per day by 2030.