Tripling renewable energy capacity and doubling energy efficiency are feasible with the right levers pulled.
At the United Nations Climate Change Conference (COP28) in Dubai last year, over 120 countries signed the pledge to triple the installed renewable energy capacity and double the energy efficiency by 2030, as well as reaching net zero emissions by 2050. To achieve these ambitious targets, a massive ramping up of financing, more coordination, and dedicated policy support are needed, the International Renewable Energy Agency (IRENA) argued earlier this year. The International Energy Agency (IEA) has followed suit and published a report on Tuesday outlining how this could happen and how the COP28 goals could be achieved.
The IEA argues that without sufficient energy storage and the necessary power grid to transport it, the tripling of renewables will not succeed. It estimates that a global storage capacity of 1.500 GW and the construction or modernization of 25 million kilometers of grids is necessary to reap the benefits of the renewables expansion. In addition, the share of electricity in final energy consumption must reach 30 percent, and coal usage must decline, according to the report. The resource sector stands at the center stage in achieving these targets, as revealed in an earlier IEA report.
Different Countries Have Different Starting Points
Yet, the IEA acknowledges that countries have different starting points on their path to their climate targets, providing them with different guidelines. While expanding the use of electric vehicles, heat pumps, and other clean energy technologies is central to reaching the COP28 targets in advanced economies, emerging markets must strengthen and enforce efficiency standards for new buildings, factories, and appliances. The IEA especially argues that the efficiency of air conditioners must increase.
The report comes ahead of the upcoming COP29 in Baku, Azerbaijan, from November 11 through 24. According to the IEA, COP29 will be a focal point to reach global climate targets, and any backsliding could risk agreed-upon goals.
The full report can be found here.
Photo: iStock/kflGALORE
