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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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IEA report forecasts US$2 trillion clean energy market growth, challenging oil industry dominance

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The International Energy Agency’s (IEA) Energy Technology Perspectives 2024 report predicts rapid expansion in the clean energy market, with investments in solar PV, wind, electric vehicles, batteries, electrolysers, and heat pumps expected to triple by 2035, reaching over US$2 trillion.  This anticipated growth could rival the economic scale of the global oil market, marking a pivotal shift towards a sustainable economy. IEA Executive Director Fatih Birol highlighted the interlinking of energy, industry, and trade policies…

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Potential 10 billion tonne emission reduction from COP28 climate goals: IEA report

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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…