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Tripling Renewables, Doubling Efficiency to Cut Emissions by 10 Bn Tonnes, Says IEA Report

A new report from the International Energy Agency (IEA) underscores the feasibility of meeting the ambitious global energy targets established at COP28, revealing that tripling renewable energy capacity and doubling energy efficiency.

September 26, 2024. By EI News Network

Tripling renewable energy capacity and doubling energy efficiency by 2030 could cut global greenhouse gas emissions by 10 billion tonnes, says a new report from the International Energy Agency (IEA), titled 'From Taking Stock to Taking Action: How to implement the COP28 energy goals'.

The report outlines a clear roadmap for turning the ambitious pledges made at last year's COP28 into tangible action. At COP28, held in Dubai in 2023, nearly 200 countries agreed to a landmark set of objectives known as the UAE Consensus, aimed at transforming the global energy sector. These goals include achieving net-zero emissions by 2050, tripling global renewable energy capacity, doubling the rate of energy efficiency improvements by 2030, and accelerating the deployment of low-emission technologies.

According to the IEA report, these targets are achievable, provided that countries and international bodies create the right enabling conditions. The agency calls for the use of the UAE Consensus as a guiding framework for national policies and the next round of Nationally Determined Contributions (NDCs) under the Paris Agreement.

IEA Executive Director Fatih Birol emphasised the importance of immediate action. “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,” Birol said.

The report outlines several key areas where immediate progress is essential. Among these, the need to modernise and build 25 million kilometers of electricity grids by 2030 stands out, as this infrastructure is vital for integrating the growing share of renewable energy into power systems.

Additionally, the world will need a massive increase in energy storage capacity, with 1,500 GW required by 2030, largely driven by battery storage. Doubling global energy efficiency by 2030 could also have a significant impact, cutting energy costs by almost 10 percent and reducing emissions by 6.5 billion tonnes. The report urges governments to prioritise energy efficiency in their national policies, including electrification efforts and stricter efficiency standards in emerging markets.

As global leaders gather at events like Climate Week NYC, the IEA's report provides a comprehensive guide for turning climate pledges into action. Birol stressed that international cooperation is crucial for delivering on these goals, ensuring the global energy sector moves swiftly toward a cleaner, more sustainable future.

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