The IEA believes that energy storage is key to the expansion of renewable energy. (Photo: iStock)
On Sept. 24, during the United Nations General Assembly and the New York Climate Week, the International Energy Agency (IEA) released a new report indicating that the goals supported by countries at the United Nations Climate Conference (COP28) — such as tripling renewable energy capacity and doubling energy efficiency by the end of 2030 — could be achievable with the right enabling conditions.
The IEA also outlined future development directions to assist governments in overcoming the barriers to energy transition.
Energy efficiency is crucial, but current policies are insufficient
The IEA believes that doubling energy efficiency can lead to the most effective carbon reduction, and countries should tailor their policies according to their economic development. For developed countries, electrification is key, especially the adoption of electric vehicles and heat pumps, as these electric devices are 2 to 5 times more energy-efficient than fossil fuels.
