The International Energy Agency (IEA) released a report on Tuesday asserting that the ambitious goal of tripling global renewable energy capacity by 2030 is within reach, contingent upon overcoming significant obstacles such as permitting and grid connections. This announcement coincides with New York Climate Week, where government and business leaders are convening to enhance climate action.
Nearly 200 countries committed at last year’s COP 28 climate summit in Dubai to achieve net-zero emissions in the energy sector by 2050, along with a pledge to significantly expand renewable energy sources, including wind and solar power. The IEA’s report emphasizes that the tripling of renewable energy capacity is feasible due to favorable economics, robust manufacturing potential, and supportive policies.
However, the IEA warns that simply increasing renewable capacity is not enough to diminish fossil fuel consumption or lower energy costs for consumers. To fully realize the benefits of this ambitious goal, countries must invest in the modernization and expansion of electricity grids, aiming to construct and upgrade 25 million kilometers of grid infrastructure by 2030. Additionally, the world will require 1,500 gigawatts (GW) of energy storage capacity within the same timeframe.
At COP 28, nations also committed to doubling energy efficiency measures to help reduce overall power consumption. Achieving this target, according to the IEA, will necessitate a stronger emphasis on energy efficiency in government policies.
The report underscores the urgent need for concerted efforts from both public and private sectors to navigate the hurdles impeding progress toward renewable energy goals. As discussions continue at New York Climate Week, the focus remains on mobilizing resources and strategies to accelerate the transition to a more sustainable energy future.