Investment in renewables must triple by 2030 to reach global targets

International investment in renewables needs to triple to $1.5 trillion annually by 2030 to meet the global target of tripling renewables, according to the International Renewable Energy Agency.

Despite last year’s record spending of $570 billion, current national plans will only allow half of the necessary growth of renewable energy to be achieved, according to a report released on Friday by the Abu Dhabi-based International Renewable Energy Agency (Irena) following talks ahead of COP29 in Azerbaijan. This huge financing gap threatens the global goals of tripling renewable capacity and doubling energy efficiency by 2030, which are critical to maintaining the 1.5ºC threshold set in the 2015 Paris Agreement, a treaty in which 195 nations committed to tackling climate change. Dr. Sultan Al Jaber, President of COP28, said that the world needs to “think bigger, act bolder, and collectively move faster on our energy transition journey.”

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