For a successful energy package at COP28, the International Energy Agency has set out five key pillars for getting the world on track by 2030 for meeting climate goals, based on analysis in our recent World Energy Outlook and discussions at the International Climate and Energy Summit last month in Madrid.
The five global objectives for 2030 are:
Triple global renewable capacity
Double the rate of energy efficiency improvements
Oil and gas companies commit to advancing clean energy transitions and slashing emissions from their operations, including cutting methane by 75%
Establish large-scale financing mechanisms to support clean energy investments in emerging and developing economies
Adopt measures to ensure an orderly decline in the use of fossil fuels.
Clean energy innovation is also a crucial ingredient to achieve energy and climate goals. According to the IEA’s Net Zero Roadmap, about 35% of the reductions in carbon emissions needed in 2050 come from technologies that are still in development and aren’t yet available on a commercial scale. Continued innovation is also essential to improve performance and bring down the cost of technologies that are already used widely.