International Energy Agency (IEA) has stated that tripling renewable energy capacity and doubling energy efficiency by 2030 to meet COP28 goals is “feasible” but will require a significant push to boost storage capacity and grid connections. The report, titled “From Taking Stock to Taking Action: How to implement the COP28 energy goals,” is the first global analysis of the practical implications and implementation of these targets. The ultimate goal is to reach net-zero emissions from the energy sector by 2050.
The report highlights that favorable conditions, such as economics, manufacturing potential, and policies, make the renewable energy goal achievable. However, achieving this goal will not only require more renewable capacity but also a modernization of electricity grids and the development of 1,500 gigawatts of energy storage capacity by 2030. IEA Executive Director Fatih Birol emphasized the transformative potential of the COP28 goals for the energy sector and stressed the need for swift implementation.
The report also underscores the need for a country-specific approach to double energy efficiency by 2030. This could potentially reduce global energy costs by almost 10 percent, cut emissions by 6.5 billion tonnes, and enhance energy security. The IEA recommends embedding renewable and energy efficiency goals in national plans to align with the Paris climate agreement objectives.
Taking action on renewable energy and energy efficiency measures could significantly reduce global greenhouse gas emissions by 10 billion tonnes by 2030. The publication of this report coincides with Climate Week NYC, where leaders from government and business are working together to drive action against climate change. Ultimately, achieving the COP28 energy goals will pave the way towards a more secure, affordable, and sustainable energy future.
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