Full implementation of COP28 energy goals could drastically cut emissions and reshape the global energy sector, according to a new report by the International Energy Agency on Tuesday.
At the UN Climate Change Conference COP28 in the UAE, around 200 countries set ambitious goals for a net-zero energy sector, including phasing out fossil fuels, tripling renewables, and doubling energy efficiency by 2030.
Tripling global renewables by 2030 is achievable due to favorable economics, manufacturing capacity, and policy support, according to the report titled From Taking Stock to Taking Action: How to implement the COP28 energy goals.
Achieving these goals requires building 25 million kilometers of new and upgraded grids by 2030.
'The world would also need 1,500 gigawatts (GW) of energy storage capacity by 2030, of which 1,200 GW needs to come from battery storage, a 15-fold increase on today's level,' IEA said.
The report calls for tailored national strategies to double energy efficiency by 2030, which would potentially cut global energy costs by almost 10%, reduce emissions by 6.5 billion tonnes, and strengthen countries' energy security.
The IEA report noted that governments should 'make energy efficiency a much greater policy priority and focus relentlessly on key actions.'
Advanced economies must prioritize electrification to reach 30% electricity share by 2030, while emerging economies need stronger efficiency standards for cooling equipment such as air conditioners.
Full implementation of COP28's energy goals could reduce emissions by 10 billion tonnes by 2030, aligning with Paris Agreement targets, it added.
The goals set at COP28 can be 'transformative for the global energy sector, putting it on a fast track towards a more secure, affordable and sustainable future,' IEA executive director Fatih Birol commented.
'To ensure the world doesn't miss this huge opportunity, the focus must shift rapidly to implementation,' Birol said.
'Further 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,' he added.
By Handan Kazanci
energy@aa.com.tr
Anadolu Agency