The International Energy Agency (IEA) has released a report, From Taking Stock to Taking Action, outlining that the climate targets established at COP28 could reduce global greenhouse gas emissions by 10 billion tonnes (bt) by 2030. These targets include tripling renewable energy capacity and doubling energy efficiency by 2030, with a broader goal of achieving net-zero emissions from the global energy sector by 2050.
Jonathan Maxwell, CEO of Sustainable Development Capital, praised the focus on energy efficiency, calling it a significant breakthrough from COP28. The IEA report stresses that achieving these ambitious goals will require enhanced international collaboration, especially in expanding electric grid connections and energy storage capacity.
The IEA suggests increasing energy storage capacity to 1.5 TW, 15 times the current level, and modernizing 25 million kilometres of transmission lines by 2030 to meet these targets.