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The new International Energy Agency (IEA) report maps how it is possible to triple renewables and double energy efficiency worldwide by 2030 “with the right enabling conditions.”
At last year's COP28 in Dubai, nearly 200 countries set ambitious goals to accelerate the transition away from fossil fuels, aiming for net-zero emissions by 2050. improving energy efficiency by 2030. According to the IEA, if these goals are met, global emissions could drop by 10 billion tons by the end of the decade.
But hitting these targets is not possible. Countries need to make significant policy changes to make the renewable transition a reality. A new IEA report, “From Taking Assets to Taking Action: How to Implement the COP28 Energy Goals,” calls for a strong push to build and upgrade 25 million kilometers of electricity grids by 2030. That's enough to wrap around the globe 600 times. It also projects a need for 1,500 gigawatts (GW) of energy storage, including a 15-fold increase in battery storage.
Fatih Birol, the executive director of the IEA, emphasized that the focus should shift quickly to implementation. “The COP28 energy goals are the North Star for what the energy sector needs to do. We need fit-for-purpose grids, energy storage, and fast electrification to ensure the clean energy transition happens quickly and securely.”
Efficiency is another key pillar of strategy. Multiplying energy efficiency will reduce greenhouse gas emissions by 6.5 billion tons and reduce global energy costs by approximately 10%. The report emphasizes that developed economies must focus on electrification, especially with electric vehicles and heat pumps. Emerging economies, on the other hand, need to implement stricter standards for cooling equipment, while also expanding access to clean cooking equipment. This will significantly reduce energy demand and improve the quality of life in developing regions.
The IEA report serves as a guide for turning climate pledges into real action. Countries will now require the UAE Consensus to translate revised Nationally Determined Contributions (NDCs) under the Paris Agreement. If governments get this right, the next decade could be the tipping point for clean, renewable energy to become the world's most powerful energy source.
Read more: For the first time, the IEA predicts that global greenhouse gas emissions will increase by 2025
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