In 2023, the world’s capacity to generate electricity from renewables increased faster than at any time in the past three decades.

On such a trajectory, there is a real chance of achieving the COP28 goal of tripling global renewable energy capacity by 2030.

However, the world still needs to accelerate renewables deployment to meet this target.

Governments agreed at COP28 to double the global average annual rate of energy efficiency improvements by 2030.

According to the IEA’s net zero pathway, annual progress needs to rise from a baseline of 2% per year to an average of more than 4% per year between now and 2030.

In 2023, global energy efficiency improved by an estimated 1.1%, according to the latest IEA data.

The COP28 agreement calls for substantial cuts to methane emissions this decade. 

The production and use of fossil fuels resulted in close to 120 million tonnes of methane emissions in 2023, near the record high set in 2019.

According to IEA analysis, methane emissions from fossil fuel operations need to decline 75% from 2022 levels by 2030 on a path to limit warming to 1.5 °C.

Countries at COP28 agreed to transition away from fossil fuels.

Due to the rapid growth of clean energy, peaks in demand for oil, natural gas and coal are now visible this decade under today’s policy settings. 

Yet on a net zero pathway, fossil fuel demand by 2030 needs to decline by more than a quarter from 2022 levels – much faster than currently projected.

Governments agreed at COP28 to accelerate the reduction of emissions from road transport, including through the rapid deployment of zero- and low-emissions vehicles.

Demand for electric cars reached a new record in 2023, accounting for nearly one in five new cars sold globally.

If the rate of growth is sustained, it would be more than enough to align with the IEA’s net zero pathway – though it will be important to ramp up demand beyond a handful of major markets.