EMBARGOED - IEA: IEA's climate goal of triple renewable energy worldwide by 2030 is within reach

The International Energy Agency stated in a Tuesday report that a goal of triple the global renewable energy capacity and reducing fossil fuel consumption by 2030 is achievable. However, it will take a massive push to remove bottlenecks, such as grid connections and permitting.

New York Climate Week, where leaders in government and business are gathered to discuss climate change, coincides with the release of this report.

At the COP 28 Climate Summit in Dubai, almost 200 countries agreed to achieve net zero emissions by the energy sector before 2050. They also pledged to triple the renewable energy capacity such as wind and solar.

The IEA stated that the renewable energy target "is achievable thanks to favourable economies, ample manufacturing capacity and strong policies," however it said that more renewable power alone would not be able to reduce fossil fuel consumption and costs for consumers.

To reap the benefits of this tripling target, the countries must make a concerted effort to build and upgrade 25 million kilometers of electricity grids before 2030. "By 2030, the world will also require 1,500 gigawatts of energy storage," said the IEA.

At COP 28, countries also committed to double the energy efficiency measures in order to reduce power consumption. However, this will require governments make efficiency a much higher priority.

The IEA stated that countries must integrate renewable energy and energy efficiency goals into their national plans in order to achieve the goals set out under the Paris Climate Agreement.

The global energy sector's emissions reached a new record last year.

The report stated that doubling the energy efficiency measures and tripling the renewable energy capacity could reduce global greenhouse gas emission by 10 billion tons by the end a decade, compared to what was expected.

(source: Reuters)