The aspirational goal of tripling the world’s renewable energy capacity by 2030 is making headway because of strong policy frameworks and advantageous economic conditions. But one essential component is still missing: updating the electrical networks. According to a recent assessment by the International Energy Agency (IEA), countries must modernise if they are to maximise the advantages of expanding their use of renewable energy.
Triple the Capacity of Renewable Energy
World leaders pledged to triple the amount of renewable energy produced globally to at least 11,000 gigawatts (GW) by 2030 during the United Nations Climate Change Conference (COP28) last year. Although this growth appears encouraging, the IEA research highlights that cleaner energy systems, lower consumer costs, or a decreased dependency on fossil fuels cannot be achieved by simply increasing renewable energy capacity.
To fully realise the potential of this expansion of renewable energy, 25 million km of power systems must be modernised globally by 2030, according to the IEA paper “From Taking Stock to Taking Action: How to Implement the COP28 Energy Goals.” Moreover, 1,200 GW of the 1,500 GW of energy storage infrastructure that would be required by the countries will be battery-powered, a 15-fold increase over the existing capacity.
Efficiency in Energy Use
A significant pledge made at COP28 was to double the rate of advancements in energy efficiency by 2030. According to the IEA, reaching this target may lead to a 6.5 billion-ton drop in carbon dioxide emissions and an almost 10% decrease in global energy costs. Additionally, this would improve global energy security.
Governments must give energy efficiency top priority in their national programs for this to occur. Electrification is especially important for advanced countries, since by 2030, 30% of all energy produced must come from electric power due to a twofold increase in efficiency. While countries with inadequate energy access should concentrate on accomplishing the Sustainable Development Goal of ensuring universal access to clean cooking solutions, emerging economies must impose stricter efficiency criteria.
Large Amounts
According to the IEA, global carbon emissions might drop by as much as 10 billion tonnes by 2030 if the targets of tripling renewable energy capacity and doubling energy efficiency are met.
Important Phrase
“The goals set by nearly 200 countries at COP28 can be transformative for the global energy sector, putting it on a fast track towards a more secure, affordable, and sustainable future,” Fatih Birol, IEA Executive Director, stated. “To ensure the world doesn’t miss this huge opportunity, the focus must shift rapidly to implementation.”
