Meeting renewable energy and efficiency targets requires a huge push to boost storage capacity and grid connections.
According to a report by the International Energy Agency, tripling renewable energy capacity and doubling energy efficiency by 2030 to meet COP28 goals are deemed “feasible.” The report, titled From Taking Stock to Taking Action: How to implement the COP28 energy goals, emphasizes the need for a significant boost in storage capacity and grid connections to achieve these targets.
Almost 200 countries agreed at the COP28 climate summit to reach net zero emissions from the energy sector by 2050, pledging to triple renewable energy capacity. The IEA report suggests that while the renewable energy goal is attainable, more renewable capacity alone will not reduce fossil fuel use and costs for consumers.
To unlock the full benefits of the tripling goal, countries need to build and modernize electricity grids by 2030 and establish 1,500 gigawatts of energy storage capacity. Implementing these goals can lead to a more secure, affordable, and sustainable energy future.
The report also underscores the importance of a country-specific approach to doubling energy efficiency by 2030. Embedding renewable and energy efficiency goals in national plans is necessary to meet targets set under the Paris climate agreement and curb global greenhouse gas emissions.
Leaders from government and business are currently gathering at Climate Week NYC to drive forward action against climate change, emphasizing the urgency of meeting renewable energy and efficiency targets to create a more sustainable future.