Deemerwha studio/Shutterstock Save for later Print Download Share The Global Renewables and Energy Efficiency Pledge announced during COP28 by almost 120 countries looks like a major achievement. It involves tripling renewable energy capacity from current levels by 2030, while doubling the average annual rate of energy efficiency improvements from 2% to 4% per year. This is certainly ambitious, especially in the current environment of supply chain and permitting issues, but would only be an inflection from current trends, not a revolution. Likewise, while faster renewable growth and improved energy efficiency obviously mean slower fossil fuel growth, this would be limited in the current decade. The massive fossil fuel phasedown required to achieve carbon neutrality by midcentury, another goal pushed at COP28 for inclusion in the communique, would involve further accelerating renewable additions to displace oil, gas and coal in the next two decades to 2050 鈥� and, crucially, electrification of the economy in general.
