Urgent need for $8 trillion investment in renewables by 2030: Report 

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. 

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.