IEA: Global Renewable Energy on Track to Triple by 2030

LONDON- A goal to triple global renewable energy capacity by 2030 and cut fossil fuel use is within reach, the International Energy Agency said in a report on Tuesday, but will require a huge push to unlock bottlenecks such as permitting and grid connections.

Almost 200 countries at the COP 28 climate summit in Dubai last year agreed to reach net zero emissions from the energy sector by 2050 and pledged to triple renewable energy capacity like wind and solar.

The IEA said the renewable energy goal "is within reach thanks to favourable economics, ample manufacturing potential and strong policies," but said more renewable capacity by itself would not slash fossil fuel use and reduce costs for consumers.

"To unlock the full benefits of the tripling goal, countries need to make a concerted push to build and modernise 25 million kilometres of electricity grids by 2030... The world would also need 1,500 gigawatts (GW) of energy storage capacity by 2030," the IEA said.