Almost $2 trillion (£1.5tn) annually is required to triple global renewables by 2030, a target agreed upon at COP28.
This goal entails a $8 trillion (£6.3tn) investment in new renewables, accompanied by an additional $4 trillion (£3.1tn) allocated for grid and storage infrastructure.
The report by Climate Analytics underscores the urgency for different regions to ramp up their efforts, with Sub-Saharan Africa requiring a seven-fold increase in renewable capacity to address historic underinvestment and energy access needs.
However, despite progress in regions like Asia, driven by renewable growth policies in countries such as China and India, the presence of significant coal and gas pipelines continues to pose a risk to the transition.
Claire Fyson, Co-author of the report and Head of Policy at Climate Analytics, said: “The OECD 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.”
Make sure you check out the latest Net Hero Podcast episode:
Net zero is a way to cut your costs and help the planet, so what’s stopping you? Often, it’s just the right help and advice. That’s what we will provide at the Big Zero Show this July. Workshops, expert speakers, case studies and exhibitions. Plus, networking with 1500 peers and potential customers. Register for free now.
