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$2 trillion annually required to triple global renewables by 2030: Report

February 13, 2024 5:31 pm

$2 trillion annually required to triple global renewables by 2030: Report

A recent report by Climate Analytics underscores the urgent need for substantial investments to triple global renewable energy capacity.

A recent report by Climate Analytics underscores the urgent need for substantial investments to triple global renewable energy capacity by 2030. With an estimated USD 2 trillion per year required, the task is daunting but imperative in combating climate change.

Asia has emerged as a beacon of progress in this endeavour, primarily driven by robust renewable energy policies in China and India. These nations alone are slated to provide nearly half of the required renewable capacity additions globally. However, the persistence of coal and gas projects in these countries poses a risk of stranded assets and impedes the transition to renewables. The report strongly advocates against further investment in fossil fuel infrastructure, stressing the need to capitalise on the growth of renewables.

While China and India lead the charge, there are concerns about South Korea’s slower pace of renewable energy adoption. This highlights the need for concerted efforts across the region to ensure uniform progress.

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The investment landscape is staggering, with USD 8 trillion earmarked for new renewables and an additional USD 4 trillion for grid and storage infrastructure. This substantial funding is crucial for achieving the ambitious target of 11 Terawatts of renewable energy capacity globally.

Meeting this target is not just a matter of environmental responsibility but a critical step in limiting the average global temperature rise to 1.5 degrees Celsius, as outlined by the International Energy Agency. Unfortunately, no OECD country is currently on track to triple renewable energy capacity, indicating a significant gap that needs urgent attention.

Sub-Saharan Africa presents a unique challenge, with renewables capacity needing to scale rapidly by a factor of seven due to historical underinvestment and pressing energy access needs.

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