COP28 goals can transform the global energy sector - IEA

The International Energy Agency (IEA) has released a new report highlighting how fully meeting the COP28 (The 2023 United Nations Climate Change Conference) targets by 2030 could significantly transform the global energy sector, Kazinform News Agency correspondent reports, citing IEA.

At COP28, nearly 200 countries agreed to triple their renewable energy capacity and double their energy efficiency. This would cut global emissions by 10 billion tonnes and improve energy efficiency, cutting costs by 10%. However, this requires modernising the electricity grid and significantly increasing energy storage.

The IEA notes that achieving these goals requires international cooperation and the implementation of appropriate national policies. For example, by 2030, 25 million kilometers of grids should be built and upgraded, and energy storage capacity should increase to 1,500 gigawatts, including 1,200 gigawatts from batteries.

According to the report, the goal of tripling global renewable energy capacity by 2030 is within reach thanks to favourable economics, ample manufacturing potential and strong policies. But greater capacity does not automatically mean that more renewable electricity will clean up the world’s power systems, lower costs for consumers and slash fossil fuel use.