IEA at COP28: Renewables and energy efficiency ministerial roundtable

Dubai time: 5 December 2023, 14:00-15:30.

Tripling global installed renewables capacity to 11 000 gigawatts by 2030 provides the largest emissions reductions to 2030 in the IEA’s Net-Zero Emissions by 2050 Scenario (NZE Scenario). Renewable electricity sources, in particular solar PV and wind, are widely available, well understood, and often rapidly deployable and cost effective. Additionally, doubling the annual rate of energy efficiency improvement by 2030 in the NZE Scenario saves the energy equivalent of all oil consumption in road transport today, reduces emissions, boosts energy security, and improves affordability. Although the mix of priorities will differ by country, at the global level energy intensity improvements stem from three equally important actions: improving the technical efficiency of equipment such as electric motors and air conditioners; switching to more efficient fuels, in particular electricity, and clean cooking solutions in low-income countries; and using energy and materials more efficiently. Tripling renewables and doubling energy efficiency reduce fossil fuel demand and are key enablers of the clean energy transition.

This event will feature a public-private roundtable on the interventions required to realize the doubling of energy efficiency improvements by 2030 and the science behind the targets. Enablers such as financing, permitting, resilient supply chains, and grid infrastructure will be discussed. Ministers and company executives will outline commitments, share best practices, and align on tracking progress to 2030 targets.