From taking stock to taking action: how to implement the COP28 energy goals

This paper analyses the outcomes of the COP28 climate conference held in December 2023, where 200 countries agreed on ambitious global energy transition goals. These goals include achieving net zero emissions in the energy sector by 2050, transitioning away from fossil fuels, tripling global renewable energy capacity by 2030, doubling energy efficiency improvement rates, and accelerating the deployment of other low-emissions technologies. The paper examines the potential impact of these goals on the global energy system and emissions, if fully implemented.

The analysis explores the risks of partial implementation and discusses how countries can integrate the COP28 goals into their next round of targets under the Paris Agreement. It emphasizes the importance of translating these goals into domestic energy policies. The paper also addresses the challenges in clean energy investment, the critical role of the next round of national emissions targets, and the importance of continued multilateral cooperation in driving implementation of the COP28 goals.