The goal of tripling renewable energy by 2030 and moving away from fossil fuels is "within reach", the International Energy Agency (IEA) states in a new report. However, significant efforts are required to eliminate bottlenecks.
It was at last year's climate summit COP28 in Dubai that nearly 200 countries agreed to transform their energy systems away from fossil fuels so that the world can achieve net-zero emissions by 2050 and triple renewable energy capacity, such as wind and solar power.
What makes the IEA assess that the energy goal is within reach is favorable economic conditions, rich manufacturing potential, and strong policy decisions. However, increased capacity does not automatically mean it will be cheaper for consumers or that the use of fossil fuels will decrease, according to the IEA.
Now, countries must invest in building and modernizing 25 million kilometers of power grids, the IEA urges, which also sees a need for 1,500 gigawatt energy storage capacity by 2030.
