The IEA says tripling renewable energy capacity by 2030 is achievable, but requires massive investments in power grids and energy storage.
The global goal to triple renewable energy capacity by the end of the decade is still within reach, but massive investments in power grids and energy storage will be needed, the International Energy Agency IEA said in a new report on Tuesday. At the COP28 climate summit in Dubai at the end of 2023, nearly 200 countries made a collective pledge to triple global renewable capacity by 2030, aiming to keep within reach the Paris Agreement target of limiting global warming to 1.5 degrees Celsius.
The tripling of renewables capacity will need faster expansion because with today’s policy settings and technology trends, the world is on track to achieve more than three-quarters of the growth needed for the goal, says the agency advocating for a rapid energy transition. Moreover, countries would need to make huge investments in expanding and strengthening the grids and building energy storage to accommodate the surge in renewables.
Energy Efficiency IEA COP28 Climate Goals Grid Expansion Energy Storage Clean Power Infrastructure Investment 2030 Target
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