COP 28 Energy Transition Pact

December 18, 2023

One of the biggest takeaways from COP 28 is the agreement on an energy transition package.

The language includes agreements to triple the deployment of renewable power and double the rate of efficiency gains by 2030.  Bloomberg reports that meeting the target requires a doubling of the rate of renewables investment to an average of $1.18 trillion per year through 2030, compared with $564 billion in 2022.

Success would also require three times as much power-grid investment in 2030 compared to 2022, and deployment of 16.1 times as many batteries by the end of the decade as were installed at the end of 2022.