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The complete implementation of promises made during the previous United Nations Climate Change Summit, also known as COP28 would drive down greenhouse gas emissions and significantly accelerate the transformation of the global energy sector, according to the International Energy Agency. 

During the previous COP28 in the United Arab Emirates, nearly 200 countries agreed to work towards an ambitious set of global energy objectives as part of the outcome known as the UAE Consensus - pledging to achieve net zero emissions from the global energy sector by 2050. 

The promise also includes transitioning away from fossil fuels, as well as tripling renewable energy capacity and double the rate of energy efficiency improvements by the end of this decade. 

Energy Transition Continues

"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. To ensure the world doesn't miss this huge opportunity, the focus must shift rapidly to implementation," said IEA Executive Director Fatih Birol.

He added: "The COP28 energy goals should lay the foundation for countries' new climate targets under the Paris Agreement - they are the North Star for what the energy sector needs to do. And further international cooperation is vital to deliver fit-for-purpose grids, sufficient energy storage and faster electrification, which are integral to move clean energy transitions quickly and securely." 

The Paris Agreement is an international treaty on climate change that was produced in 2015 and compels signatories to work toward limiting the global temperature increase to 1.5 °C above pre-industrial levels.

Strong Policies Driving Renewable Growth

According to the energy think tank, the goal of tripling global renewable energy capacity by 2030 is within reach thanks to favourable economics, ample manufacturing potential and strong policies. 

IEA added that the world would also need 1 500 gigawatts (GW) of energy storage capacity by 2030, of which 1 200 GW needs to come from battery storage, a 15-fold increase on today's level. 

Moreover, the report also underscored the the need for a more granular, country-specific approach to achieving the critical goal of doubling energy efficiency by 2030.