Paris/IBNS: The International Energy Agency (IEA) has stated in its latest report that tripling renewable energy capacity and doubling energy efficiency by 2030 to meet the goals set at COP28 is "feasible."

However, achieving these targets will require a major effort to expand energy storage and enhance grid infrastructure, according to the IEA report released on Tuesday.

The report, titled "From Taking Stock to Taking Action: How to Implement the COP28 Energy Goals", marks the first comprehensive global analysis of what is needed to achieve these targets.

The IEA emphasized that while the conditions for meeting the goals are promising, significant action is still required.

At the COP28 climate summit in Dubai last year, nearly 200 countries agreed to reach net-zero emissions in the energy sector by 2050.

This included a commitment to triple renewable energy capacity, such as wind and solar power.

The IEA report highlights that reaching the renewable energy target is attainable due to favorable economics, robust policies, and strong manufacturing capabilities.

However, it also cautions that expanding renewable capacity alone won’t be enough to drastically reduce fossil fuel consumption or lower energy costs for consumers.

“To fully realize the benefits of tripling renewable energy capacity, nations must prioritize the modernization and expansion of 25 million kilometers of electricity grids by 2030, as well as the development of 1,500 gigawatts of energy storage capacity,” the report states.

IEA Executive Director Fatih Birol underscored the transformative potential of the COP28 energy goals, noting that they could place the global energy sector on a path to a more secure, affordable, and sustainable future.

"To ensure we don’t miss this significant opportunity, immediate focus must shift towards implementation," Birol said.

He also stressed that international cooperation will be essential to build resilient grids, increase energy storage, and accelerate electrification—key components for speeding up the clean energy transition.

The report also emphasizes the importance of a tailored, country-specific approach to doubling energy efficiency by 2030.

Achieving this would not only cut global energy costs by nearly 10 percent, but also lower emissions by 6.5 billion tonnes and enhance energy security worldwide.

Although nations at COP28 pledged to double energy efficiency efforts, the IEA warned that reaching this target will require governments to prioritize efficiency in their policies.

Countries must incorporate renewable energy and efficiency goals into their national climate action plans under the Paris Agreement.

The IEA report also notes that global energy sector emissions hit a record high last year.

Meeting the COP28 targets by tripling renewable energy and doubling energy efficiency could prevent an estimated 10 billion tonnes of greenhouse gas emissions by 2030 compared to current projections.

The report's release coincides with Climate Week NYC, where leaders from government and industry are gathering to drive forward global efforts to combat climate change.