The global goal of tripling renewables requires an investment of $1.5 trillion per year

Current national plans and targets will generate only half of the growth needed in renewable energy by 2030

Despite an unprecedented acceleration in renewable energy deployment in 2023, progress is not enough to triple renewables by 2030. Current national plans and targets are aimed at generating only half of the needed growth in renewable energy by 2030. In addition, annual investment in renewable capacity would have to triple, from a record $570 billion in 2023 to $1.5 trillion each year between 2024 and 2030, confirms the first official progress report on the historic energy targets set by the UAE Consensus at COP28 in Dubai. Tripling renewable energy capacity and doubling energy efficiency by 2030 are critical factors in keeping the 1.5°C target within reach.

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