IEA Says Feasible to Transform Global Energy in Accordance with COP28 Targets
The International Energy Agency (IEA) has revealed that transforming the world’s energy industry to meet COP28 targets is “feasible.” Climate change represents one of the most critical issues humanity has ever faced, and the 2023 United Nations Climate Change Conference set ambitious green-energy targets to put the globe on track to achieving carbon neutrality.
According to the IEA, achieving the green-energy goals established at COP28 is feasible due to robust policies, significant manufacturing potential and “favorable economics.” A recent IEA report says the world can double efficiency and triple green-energy capacity by 2030 but notes that this will require significant investment in stationary power-storage capacity as well as expedited grid connections.
Green energy, particularly solar and wind, is intermittent in nature and cannot be relied upon to generate energy 24/7. As peak generation times often coincide with the lowest periods of energy demand, combining renewables with storage allows for a continuous supply of green electricity.
Additionally, nations will have to ensure green-energy projects can connect to the grid as fast as possible once they are online, the report said. Titled “From Taking Stock to Taking Action: How to Implement the COP28 Energy Goals,” the report shows that while the world can transform the energy sector to achieve COP28 goals, increasing green-energy capacity won’t lower the globe’s rate of fossil fuel use or reduce energy costs for end users.
Unlocking the full benefits of COP28 green-energy targets will require the construction of a whopping 15 million miles of electricity grids by the end of the decade, the IEA report said. Additionally, the world will require 1,500 gigawatts (GW) of stationary storage capacity to handle the increased green-energy capacity. If the world can triple its renewable energy capacity by 2030, it will have taken a major step toward achieving carbon neutrality by mid-century.
Fatih Birol, executive director of IEA, says the COP28 targets have the potential to transform the global-energy industry and open the door to a future where energy is secure, sustainable and affordable. To this end, Birol said, a rapid shift to implementation will be key.
The COP28 targets should serve as the foundation for national climate targets, he noted, but countries will need to cooperate to ensure electrification occurs swiftly, there is enough power storage, and they can deploy fit-for-purpose grids for a speedy and secure transition. Adopting a country-specific approach to achieving the COP28 targets of tripling green-energy capacity by 2030 would also lower energy costs by 10% and cut emissions by 6.5 million tons.
Adequate supplies of green-energy metals will be crucial to meeting these lofty energy-transition goals. A number of enterprises, such as Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF), are taking on this challenge in a bid to diversify the sources of these critical metals outside of China, which currently dominates the field.
NOTE TO INVESTORS: The latest news and updates relating to Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) are available in the company’s newsroom at https://ibn.fm/RFLXF
Please see full terms of use and disclaimers on the GreenEnergyStocks website applicable to all content provided by GES, wherever published or re-published: https://www.greennrgstocks.com/Disclaimer
The International Energy Agency (IEA) has revealed that transforming the world’s energy industry to meet COP28 targets is “feasible.” Climate change represents one of the most critical issues humanity has ever faced, and the 2023 United Nations Climate Change Conference set ambitious green-energy targets to put the globe on track to achieving carbon neutrality.
According to the IEA, achieving the green-energy goals established at COP28 is feasible due to robust policies, significant manufacturing potential and “favorable economics.” A recent IEA report says the world can double efficiency and triple green-energy capacity by 2030 but notes that this will require significant investment in stationary power-storage capacity as well as expedited grid connections.
Green energy, particularly solar and wind, is intermittent in nature and cannot be relied upon to generate energy 24/7. As peak generation times often coincide with the lowest periods of energy demand, combining renewables with storage allows for a continuous supply of green electricity.
Additionally, nations will have to ensure green-energy projects can connect to the grid as fast as possible once they are online, the report said. Titled “From Taking Stock to Taking Action: How to Implement the COP28 Energy Goals,” the report shows that while the world can transform the energy sector to achieve COP28 goals, increasing green-energy capacity won’t lower the globe’s rate of fossil fuel use or reduce energy costs for end users.
Unlocking the full benefits of COP28 green-energy targets will require the construction of a whopping 15 million miles of electricity grids by the end of the decade, the IEA report said. Additionally, the world will require 1,500 gigawatts (GW) of stationary storage capacity to handle the increased green-energy capacity. If the world can triple its renewable energy capacity by 2030, it will have taken a major step toward achieving carbon neutrality by mid-century.
Fatih Birol, executive director of IEA, says the COP28 targets have the potential to transform the global-energy industry and open the door to a future where energy is secure, sustainable and affordable. To this end, Birol said, a rapid shift to implementation will be key.
The COP28 targets should serve as the foundation for national climate targets, he noted, but countries will need to cooperate to ensure electrification occurs swiftly, there is enough power storage, and they can deploy fit-for-purpose grids for a speedy and secure transition. Adopting a country-specific approach to achieving the COP28 targets of tripling green-energy capacity by 2030 would also lower energy costs by 10% and cut emissions by 6.5 million tons.
Adequate supplies of green-energy metals will be crucial to meeting these lofty energy-transition goals. A number of enterprises, such as Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF), are taking on this challenge in a bid to diversify the sources of these critical metals outside of China, which currently dominates the field.
NOTE TO INVESTORS: The latest news and updates relating to Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) are available in the company’s newsroom at https://ibn.fm/RFLXF
Please see full terms of use and disclaimers on the GreenEnergyStocks website applicable to all content provided by GES, wherever published or re-published: https://www.greennrgstocks.com/Disclaimer
