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Global energy efficiency improvements lag behind COP28 targets: IEA

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One year after the COP28 pledge to double global energy efficiency by 2030, a report from the International Energy Agency (IEA) reveals that countries are falling short of this goal.  The IEA’s Energy Efficiency 2024 report shows that global primary energy intensity—a core energy efficiency metric—is set to improve by around 1% in 2024, the same rate as in 2023, far below the 4% target needed by 2030. At COP28, nearly 200 countries committed to…

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EIB and Intesa Sanpaolo launch €8 billion wind sector initiative

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The European Investment Bank (EIB) and Intesa Sanpaolo have launched an initiative to unlock €8 billion in wind sector investments, as part of EIB’s €5 billion wind energy plan unveiled at COP28. Supported by InvestEU, this will support 32 GW of wind capacity toward the EU’s 2030 renewable energy target of 45%. EIB will provide a €500 million counter-guarantee, enabling Intesa Sanpaolo to establish €1 billion in guarantees for wind farm supply chains and grid…

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World likely to miss UN target to triple renewable capacity by 2030: IEA

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The world is expected to fall short of the UN’s target to triple renewable energy capacity by 2030, despite many countries surpassing their national targets, according to the International Energy Agency’s (IEA) latest report, Renewables 2024. The report forecasts the deployment of over 5.5 TW of renewable energy by 2030, a threefold increase compared to 2017-2023, equivalent to the combined current power capacity of China, India, the US, and the EU. Around 70 countries, representing…

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Floating Offshore Wind: Key to Achieving Global Renewable Energy Goals by 2030

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The global push to limit temperature rise to 1.5°C includes decarbonizing hard-to-abate sectors. At COP 28, leaders pledged to triple renewable energy capacity by 2030. Offshore wind, with its high efficiency and competitiveness, is key to these efforts. In 2022, offshore wind reached 63 GW of installed capacity, but to meet the 1.5°C target, this needs to grow to 494 GW by 2030 and 2,465 GW by 2050. Floating offshore wind, a promising subset, can…