A report released on Tuesday highlights the necessity of investing USD 12 trillion by 2030 to achieve the target of tripling renewables, a commitment made at the UN climate conference in Dubai. According to the report by Climate Analytics, Asia is leading in meeting this goal, particularly driven by China and India’s policies, which contribute significantly to the global renewable energy capacity additions needed by 2030.
While Asia shows promising progress, the report warns of significant coal and gas investments in the region that could hinder the transition to renewables. Despite this, the growth of renewable energy in China and India offsets slower progress in countries like South Korea. To achieve the target, the report indicates a need for USD 8 trillion for new renewables and USD 4 trillion for grid and storage infrastructure.
Tripling global renewable energy capacity and doubling energy efficiency by 2030 are crucial steps in limiting the global temperature rise to 1.5 degrees Celsius, according to the International Energy Agency. However, the report highlights that OECD countries are lagging behind and need to significantly increase their renewable energy capacity. Additionally, it emphasizes the urgent need for rapid scaling of renewables in Sub-Saharan Africa to address historic underinvestment and energy access challenges.
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