COP29: Advancing a Clean Energy Future

The global community gathered for COP29 (Conference of the Parties) - an annual summit where world leaders and climate champions unite to drive the agenda of urgent climate action.

Nearly 50,000 people attended the United Nations Climate Change Conference to discuss crucial actions to achieve the goal of limiting global temperature rise to no more than1.5 degrees Celsius and achieving net-zero emissions by 2050.

Dubbed the "finance COP," a major focus this year was a new global finance goal to support the low-carbon transition and help developing countries build resilience to climate impacts. An agreement was reached for developed countries to provide at least $300 billion a year for this new fund by 2035.

"Climate action is more urgent than ever," said Edison International President and CEO Pedro Pizarro. "At Edison, we're reaffirming our commitment to net-zero greenhouse gas emissions and are confident we can deliver 100% carbon-free power to Southern California Edison's customers by 2045. Edison International's Trio subsidiary is also working to help global corporate clients meet their net-zero commitments."

Edison International's recent Reaching Net Zero analysis shows that economywide electrification and increased investment in clean firm power generation, such as next-generation geothermal, advanced nuclear and gas generation with carbon capture, are required. Proven clean energy technologies like solar, wind and battery storage are valuable but not enough.

The Inflation Reduction Act and the Infrastructure Investment and Jobs Act together have resulted in more than $265 billion in clean energy investments and created 300,000 jobs so far.

"One of our industry priorities is to articulate the benefits of the IRA," said Caroline Choi, Edison International and SCE senior vice president of Corporate Affairs and Public Policy. "Most of the IRA benefits don't accrue to shareholders - they go straight through SCE's bills and directly to customers."

With affordability at the forefront of customers' minds, the need for financial assistance to support investments in clean energy technologies is only growing.

"Affordability isn't just about customer bills," said Pizarro. "An electric-led clean energy future for the entire U.S. is projected to result in a $3 trillion benefit to the economy. Even accounting for infrastructure investments needed to achieve a safe, clean and reliable electric grid, SCE residential customers will have a 40% lower total energy bill in 2045."

Throughout the conference, Pizarro also highlighted the need for siting and permitting reform to speed the nation's electric grid expansion. Today, it takes 10 to 12 years to build a new transmission line. That pace must accelerate for the state and the nation to reach its decarbonization goals.

For more information on Edison International's clean energy efforts, visit edison.com/cleanenergy.