COP28 goals could slash global emissions by 10 billion tonnes: IEA

25 Sep 2024 CW Team

The International Energy Agency (IEA) has outlined a roadmap that could see global emissions cut by 10 billion tonnes by 2030 if nations implement key actions agreed upon at last year's COP28 summit in Dubai. During the recent United Nations General Assembly in New York, the IEA emphasised the potential of the COP28 goals, known as the UAE Consensus, to triple renewable energy capacity and double energy efficiency worldwide.

The IEA’s strategy calls for modernising 25 million kilometers of electricity grids and scaling energy storage to 1,500 gigawatts by 2030, including 1,200 gigawatts from battery storage. This represents a 15-fold increase in storage capacity, which is essential for managing the rise in renewable energy generation.

Fatih Birol, Executive Director, IEA stressed the importance of swift action: ""The COP28 targets can be transformative, placing the global energy sector on a path to a secure, affordable, and sustainable future. The shift towards implementation is critical.""

Doubling energy efficiency by 2030 could reduce global energy costs by 10% and cut emissions by 6.5 billion tonnes, the IEA notes. However, this requires major policy changes, particularly in advanced economies, with a focus on electrification. For emerging economies, improving efficiency standards, especially in cooling systems, will be vital.

Achieving these goals would mark a significant step toward meeting the Paris Agreement's climate targets.

(ET)

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