Green Forum • 24 September, 2024 at 9:12 PM
A new report from the International Energy Agency (IEA) shows that tripling renewable energy capacity and doubling energy efficiency by 2030 are achievable if the right enabling conditions are in place, offering a clear direction for national policies and international cooperation.
The IEA's report, From Taking Stock to Taking Action: How to implement the COP28 energy goals, outlines the path to fully implementing the ambitious energy objectives set at the COP28 climate conference in Dubai. These goals, agreed upon by nearly 200 countries as part of the UAE Consensus, aim to achieve net zero emissions in the global energy sector by 2050, phase out fossil fuels, triple renewable energy capacity, double the rate of energy efficiency improvements by 2030, and scale up low-emissions technologies. The report provides a detailed global analysis of how these targets can be transformed into action.
While the tripling and doubling targets are technically feasible, the report stresses that success depends on stronger international efforts to create the right conditions, and for countries to align their Nationally Determined Contributions (NDCs) under the Paris Agreement with the UAE Consensus.
“The energy goals set by almost 200 countries at COP28 have the potential to reshape the global energy landscape, steering it toward a more secure, affordable, and sustainable future,” said IEA Executive Director Fatih Birol. “To seize this opportunity, the world must quickly shift focus to implementation. As the new IEA report shows, these goals should guide countries' new climate targets under the Paris Agreement. International cooperation is crucial to building the grids, storage capacity, and electrification needed to accelerate clean energy transitions.”
The report notes that the goal of tripling renewable energy capacity by 2030 is within reach due to favorable economics, manufacturing capabilities, and strong policies. However, simply increasing capacity is not enough. Countries need to upgrade and expand 25 million kilometers of electricity grids and develop 1,500 gigawatts (GW) of energy storage by 2030, including 1,200 GW of battery storage, a 15-fold increase over current levels.
On energy efficiency, the report calls for a country-specific approach to doubling efficiency rates, which could cut global energy costs by nearly 10%, reduce emissions by 6.5 billion tonnes, and boost energy security. Advanced economies should focus on electrification, pushing electricity's share of global energy consumption to 30% by 2030, particularly through electric vehicles and heat pumps. Emerging economies, meanwhile, need stronger efficiency standards for cooling equipment, and countries lacking full access to modern energy sources must prioritize clean cooking solutions, which can significantly reduce energy demand and improve lives.
Achieving the COP28 energy goals could reduce global emissions by 10 billion tonnes by 2030, a crucial step toward meeting the Paris Agreement's temperature targets. The report sets key benchmarks for countries to integrate into their next NDCs, due in 2025.