Achieving renewable energy and efficiency targets will require massive efforts to boost storage capacity and grid connections.
Doubling renewable energy capacity and energy efficiency by 2030 to meet COP28 goals is “possible,” the International Energy Agency said in a report.
While the conditions are right, achieving the targets — “the North Star of what the energy sector needs” — will require a massive push to boost storage capacity and grid connections, the document published Tuesday says.
Report: From Situation Assessment to Action: How to Implement COP28 Energy GoalsThis report is the first comprehensive global analysis of what can be achieved by putting the goals into practice, and how it can be done, according to the International Energy Agency.
Nearly 200 countries agreed at the COP28 climate summit in Dubai last year to reach net-zero emissions from the energy sector by 2050, and pledged to triple the capacity of renewable energy such as wind and solar.
The IEA report notes that the renewable energy target is “within reach thanks to favourable economics, ample manufacturing potential and strong policies,” but adds that more renewable capacity by itself will not reduce fossil fuel use and lower costs for consumers.
“To realize the full benefits of the triple goal, countries need to make concerted efforts to build and upgrade 25 million kilometers of electricity grids by 2030… The world will also need 1,500 gigawatts of energy storage capacity by 2030,” the report said.
“The targets set by almost 200 countries at COP21 could be transformative for the global energy sector, putting it on the fast track to a more secure, affordable and sustainable future,” said IEA Executive Director Fatih Birol. “To ensure the world does not miss this huge opportunity, the focus must quickly shift to implementation.”
“[T]The COP28 energy targets should form the basis for the new climate targets countries have set under the Paris Agreement – they are the lodestar of what the energy sector needs, he added. Greater international cooperation is vital to deliver fit-for-purpose grids, adequate energy storage and faster electrification, which are essential to drive clean energy transitions quickly and safely.
The report also highlights the need for a country-specific approach to double energy efficiency by 2030.
“Doing so would cut global energy costs by about 10%, reduce emissions by about 6.5 billion tons, and enhance countries’ energy security,” the document said.
Countries at COP28 have pledged to double energy efficiency measures to help reduce energy use, but this goal will require governments to make efficiency a greater political priority.
The International Energy Agency said countries must include renewable energy and energy efficiency targets in their national plans to meet targets set under the Paris climate agreement.
Emissions from the global energy sector reached a record high last year.
Doubling renewable energy capacity and doubling energy efficiency measures to reduce energy use would reduce global greenhouse gas emissions by about 10 billion tonnes by the end of the decade compared to what would otherwise be expected, the report says.
The post comes as government and business leaders gather for Climate Week in New York City to try to drive action against climate change.
