US$2 trillion a year needed to meet 2030 renewable energy goal
The world is on track to invest US$6.6 trillion in renewables and grids from 2024 to 2030, leaving a funding gap of just over US$5 trillion.
Renewables investment needs to double from its current rate to achieve the 2030 tripling of global capacity agreed at COP28, according to think tank Climate Analytics.
In a report released today (February 13), Climate Analytics finds that delivering the COP28 Global Pledge on Renewables and Energy Efficiency will require US$8 trillion of investment in new renewables capacity and US$4 trillion into grid and storage infrastructure by 2030 – far more than current spending.
