Urgent need for $8 trillion investment in renewables by 2030: Report
![Urgent need for $8 trillion investment in renewables by 2030: Report](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/02/global_renewables_capacity_socials.png)
A new report by Climate Analytics has pointed out an investment totaling $8 trillion in new renewables and $4 trillion in grid and storage infrastructure is needed to achieve the goal of tripling renewable energy capacity by 2030, as agreed upon at COP28.
🚨 new report!
— Climate Analytics (@CA_Latest) February 13, 2024
What's needed to triple renewables by 2030?
💰$2 trillion a year – double current investment
⚡️Investment in Sub-Saharan Africa needs to grow 5x to $100 billion a year
Get the report to find out what the goal means in different regions: https://t.co/hcWJFF0Z7q pic.twitter.com/Pe9HRt4j48
This means an average annual investment of $2 trillion is needed. “$2 trillion a year sounds like a cost, but it’s really a choice. We’re set to invest over $6 trillion in fossil fuels over this decade – more than enough to close the tripling investment gap. Faced with this choice, I’d go with the safest, best value option – renewables,” says the report’s lead author and Climate Analytics expert, Dr Neil Grant, in a release.
Also read: Renewable energy technologies in 2028: Here is International Energy Agency’s forecast
The report also studied how fast different regions need to work to triple global renewables and found that Sub-Saharan Africa needs to scale quickly by a factor of seven. The report suggests mobilizing $100 billion annually to the region —five times the current investment levels — to align the region with global targets.
“The OECD (Organisation for Economic Co-operation and Development) needs to triple renewables but is currently way off target. Countries in the region claiming to be climate leaders need to walk the talk, not just by ramping up renewables at home, but by coming through for other regions which need finance to contribute to the tripling goal,” says Claire Fyson, co-author on the report and Head of Policy at Climate Analytics.
Also read: Global spending on clean energy hit record $1.8 trillion, still falls short of reaching net zero
The report adds that Asia needs to scale slightly faster than the OECD, almost quadrupling its renewable capacity by the end of the decade.
“The renewables industry stands ready to deliver on the global tripling goal. But to get there in time, we need governments to take urgent action to turbocharge an already buoyant renewables market. Public finance is key, especially international support to provide access to low-cost capital for emerging markets to join the renewables era, ensuring a clean, secure and just transition for all,” says Bruce Douglas, CEO of the Global Renewables Alliance, in reaction to the report.
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