A tripling of renewable energy and a doubling of energy efficiency by the end of the decade are ‘feasible’, IEA, the International Energy Agency has said.
The IEA has published a report, From Taking Stock to Taking Action: How to implement the COP28 energy goals, outlining what putting the targets into practice would achieve, and how they can be done.
According to the agency, if the global energy goals agreed upon at the COP28 climate conference are fully implemented, they can significantly transform the global energy sector by cutting greenhouse gas emissions and accelerating clean energy transitions.
These goals, agreed as part of the UAE Consensus, include achieving net zero emissions from the global energy sector by 2050, tripling renewable energy capacity, doubling energy efficiency improvements by 2030, and increasing the deployment of low-emission technologies.
‘Transformative for the energy sector’
“The goals set by nearly 200 countries at COP28 can be transformative for the global energy sector, putting it on a fast track towards a more secure, affordable and sustainable future. To ensure the world doesn’t miss this huge opportunity, the focus must shift rapidly to implementation,” said IEA executive director Fatih Birol.
“As this new IEA report shows, the COP28 energy goals should lay the foundation for countries’ new climate targets under the Paris Agreement – they are the North Star for what the energy sector needs to do. And further international cooperation is vital to deliver fit-for-purpose grids, sufficient energy storage and faster electrification, which are integral to move clean energy transitions quickly and securely.”
The report calls for investments in modernising electricity grids, expanding energy storage, and promoting electrification, especially in sectors like transport and heating, which could help reduce energy costs and emissions.
Paris Agreement
The report also suggests that achieving the COP28 goals would result in a 10 billion-tonne reduction in emissions by 2030, helping the world stay on track with the Paris Agreement’s climate targets. These measures would also improve global energy security, cut costs, and enhance sustainable development, particularly in emerging economies.
The report’s findings were presented during the United Nations General Assembly and Climate Week NYC, encouraging leaders to incorporate these goals into their next round of Nationally Determined Contributions (NDCs), due in 2025. The IEA also updated its Climate Pledges Explorer, an online tool offering detailed information on countries’ climate plans and progress towards net zero. Check out the IEA’s report here.
Read more: Implementation of COP28 consensus will require ‘unprecedented action’: Al Jaber
