Battery storage, grids needed to deliver UN goal to triple renewable energy, IEA says

NEW YORK (Reuters) – Delivering on a goal set at last year's COP28 climate summit to triple renewable energy capacity by 2030 is feasible, but countries need to move quickly to deploy more electric grid connections and battery storage, according to the International Energy Agency.

An IEA report released on Tuesday said favorable economics, "ample" manufacturing potential and policies make the goal achievable. But in order to fully execute, it said countries need to build 25 million km (15.5 million miles) of transmission lines and add 1,500 gigawatts (GW) of energy storage capacity by 2030, a 15-fold increase on today's level.

WHY IT'S IMPORTANT

The report is the first to outline the specific actions that need to be taken to meet the COP28 goal and comes as world leaders convene in New York for the U.N. General Assembly as well the business-focused Climate Week series of events.

On Tuesday, world leaders will speak at a Global Renewables Energy summit about meeting the goal of tripling renewable energy capacity.

"Further international cooperation is vital to deliver fit-for-purpose grids, sufficient energy storage and faster electrification, which are integral to move clean energy transitions quickly and securely," IEA Executive Director Fatih Birol said.

The report said if done correctly, tripling renewable energy capacity by the end of the decade would reduce the world's greenhouse gas emissions by 10 billion metric tons compared with what is otherwise projected.

(Reporting by Valerie Volcovici; Editing by Jamie Freed)