New report: Tripling renewable energy by 2030 will require $8 trillion in investment, climate analytics says

According to a recent report by Climate Analytics, a prominent think tank focused on climate change, achieving the agreed goal of tripling renewable energy capacity by 2030 will require new A total of $8 trillion in renewable energy and $4 trillion in power grid and storage infrastructure will be required. At COP28. This ambitious goal requires an average annual investment of $2 trillion worldwide.

The report highlights the importance of mobilizing climate finance to support the deployment of renewable energy in sub-Saharan Africa and recommends an increase of five times current investment levels to $100 billion per year. ing. This significant increase in funding will not only ensure universal energy access in the region, but also align it with global renewable energy goals.

Dr. Neil Grant, lead author of the report and an expert in climate analysis, emphasizes that the $2 trillion annual investment required in renewable energy is a choice, not a cost. He noted that the world was prepared to invest more than $6 trillion in fossil fuels in this decade alone, suggesting that redirecting these funds to renewable energy would be a safer and more profitable option. are doing.

The report highlights the urgency for different regions to accelerate their commitment to renewable energy. Sub-Saharan Africa in particular will need to rapidly expand its renewable energy capacity sevenfold due to historic underinvestment and energy access challenges. Similarly, OECD countries need to triple their renewable energy capacity, but current progress is falling short of this goal.

Asia has emerged as a region that is largely on track to achieve the treble target, thanks to strong policies from countries such as China and India. However, the report cautions against continued coal and gas infrastructure development in these countries and urges a shift to renewable energy to avoid the risk of stranded assets.

Global Renewables Alliance CEO Bruce Douglas emphasizes the renewable energy industry’s readiness to meet global goals, while calling for urgent government action to accelerate the transition, particularly in emerging markets. We are calling for action and international support.

The report concludes that tripling renewable energy by 2030 is just the beginning, with significant further growth needed over a decade to limit global warming to 1.5°C. There is. We are calling on governments to triple their ambitions in their future climate targets and commitments.

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