The IEA has released a report highlighting that achieving climate targets from COP28 will cut greenhouse gas emissions by ten billion tonnes (bt).
Ahead of COP29, the IEA report, entitled From Taking Stock to Taking Action, details the benefits and feasibility of the goals established at COP28.
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At the COP28 climate conference in Dubai last year, around 200 countries agreed upon a global objective to triple renewable energy capacity and double the rate of energy efficiency by 2030, reaching net-zero emissions from the global energy sector by 2050.
Jonathan Maxwell, CEO and founding partner of Sustainable Development Capital, said at the time that the pledge’s focus on energy efficiency was the biggest achievement of the conference and an “extraordinary moment” for an aspect of the transition that has often been overlooked.
The IEA finds that successfully meeting the targets for renewables and energy efficiency would reduce global emissions by 10bt by 2030.
Fatih Birol, executive director of the IEA, said: “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.
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By GlobalData“To ensure the world doesn’t miss this huge opportunity, the focus must shift rapidly to implementation.”
The report explains that while the targets remain achievable, international collaboration will be required, in particular to speed up deployment of electric grid connections and battery storage technologies.
The agency says to “unlock the full benefits” of the COP28 goals, countries must work to increase energy storage capacity to 1.5TW, 15-times the current level, by 2030, as well as build and modernise 25 million kilometres of transmission lines.
“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,” Birol added.
