$2 trillion annual investment required to triple renewables by 2030: Report
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This financial push is set to mobilize a significant increase in climate finance, particularly a fivefold rise to $100 billion yearly for Sub-Saharan Africa, ensuring energy access for all and aligning with the global renewable energy expansion goal.
“$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,” said the report’s lead author and Climate Analytics expert Dr Neil Grant.The report laid out a roadmap for different regions to achieve the tripling goal, highlighting that Sub-Saharan Africa requires a sevenfold increase in renewable capacity, double the global average, due to historical underinvestment and pressing energy needs.
Conversely, OECD countries are currently on track to double their renewable capacity by 2030, falling short of the tripling requirement. The report stressed that aligning actions to these targets could bridge 60% of the forecasted global gap.Asia is charted to almost quadruple its renewable capacity, primarily driven by policies in China and India, positioning it closer to the tripling objective. However, the report warned of potential risks from substantial coal and gas projects in these countries, which could hinder the renewable transition.
"The renewables industry stands ready to deliver on the global tripling goal," stated Bruce Douglas, CEO of the Global Renewables Alliance, emphasizing the necessity of government actions to supercharge the renewable market. He highlighted the critical role of public finance, especially international support, in providing low-cost capital for emerging markets to facilitate a clean, secure, and equitable energy transition.
The report also projected beyond 2030, indicating that renewable sources need to expand fivefold by 2035 relative to 2022 to cap global warming at 1.5°C. It calls on governments to consider these ambitious targets as they develop their 2035 Nationally Determined Contributions (NDCs) for the next climate action phase, following the collective agreement at COP28.- Published On Feb 13, 2024 at 07:53 AM IST
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