The International Energy Agency (IEA) has indicated that the COP28 goal of tripling global renewable energy capacity by 2030 is attainable, driven by favorable economics, robust manufacturing capabilities, and supportive policies.
However, to fully capitalize on these benefits, significant attention must be directed towards upgrading electricity grids and enhancing energy storage solutions.
In a report released on Tuesday, the IEA emphasizes the necessity for countries to collectively invest in building and modernizing 25 million kilometers (15.5 million miles) of electricity grids by 2030.
Additionally, it highlights the importance of increasing energy storage capacity to 1,500 GW, with a specific target of 1,200 GW in battery storage—representing a 15-fold increase from current levels.
Fatih Birol, the IEA's executive director, noted that the commitments made by nearly 200 countries at COP28 have the potential to transform the global energy landscape, propelling it toward a more secure, affordable, and sustainable future. He urged a swift transition from promises to implementation to seize this significant opportunity.
The report also underscores the upcoming round of Nationally Determined Contributions (NDCs) due in 2025 as a critical moment for countries to translate COP28 commitments into actionable domestic energy policies.
To meet the goal of doubling energy efficiency by 2030, governments need to prioritize energy efficiency initiatives. In developed nations, this will involve greater electrification, while emerging economies should focus on strengthening efficiency standards, particularly for appliances like air conditioners. Achieving universal access to clean cooking solutions is also highlighted as a vital objective.
