Transformation of global energy sector to meet COP28 goals ‘feasible’: IEA

Tripling renewable energy capacity and doubling energy efficiency by 2030 to meet COP28 goals are “feasible”, the International Energy Agency has said in a report.

The document, published on Tuesday, says that while conditions are favourable, hitting the targets – “the North Star for what the energy sector needs to do” – will require a huge push to boost storage capacity and grid connections.

The report: From Taking Stock to Taking Action: How to implement the COP28 energy goals, is the first comprehensive global analysis of what putting the targets into practice would achieve, and how it can be done, the IEA said.

Almost 200 countries agreed at the COP28 climate summit in Dubai last year to reach net zero emissions from the energy sector by 2050, pledging to triple renewable energy capacity like wind and solar.

The IEA report suggests that the renewable energy goal “is within reach thanks to favourable economics, ample manufacturing potential and strong policies” but adds that more renewable capacity by itself will not slash fossil fuel use and reduce costs for consumers.“To unlock the full benefits of the tripling goal, countries need to make a concerted push to build and modernise 25 million kilometres of electricity grids by 2030 … The world would also need 1,500 gigawatts (GW) of energy storage capacity by 2030,” the report reads.

“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.

“[T]he 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,” he continued. “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 also highlights the need for a country-specific approach to double energy efficiency by 2030.

“Doing so would potentially cut global energy costs by almost 10 percent, reduce emissions by 6.5 billion tonnes, and strengthen countries’ energy security,” reads the document.

Countries at COP28 also pledged to double energy efficiency measures to help curb power use, but this target will require governments to make efficiency much more of a policy priority.

Countries must embed renewable and energy efficiency goals in their national plans to meet goals set under the Paris climate agreement, the IEA said.