In 2025, renewable capacity additions reached a new record of 693 GW. Despite this, achieving the COP28 UAE Consensus target of tripling renewables to 11.2 TW by 2030 still requires a staggering 1,204 GW of new capacity every year from 2026 onward. This equates to annual growth reaching 16.7% through the decade, according to the third official tracking report.
The report calls on governments leadership to accelerate investments in renewables, energy efficiency, grids, flexibility, and electrification. Meeting the 3xRenewables target will require US$8.6 trillion in investment during the 2026-2030.
Tripling global renewable power capacity by 2030 will require an investment of around USD 8.6 trillion from 2024 onward. A newly released financing framework provides, for the first time, a detailed breakdown of the balance between debt and equity needed to achieve this goal.
The report presents a clear roadmap for mobilizing capital and defines the roles of governments, investors, and the private sector in accelerating renewable energy deployment. It also highlights that nearly half of the required investment, excluding China, must flow to emerging markets and developing economies, underscoring their crucial role in the global energy transition.
At COP28 world leaders agreed to triple the global renewable energy capacity by 2030. Now, it’s Time 4 Action to deliver on the commitment.
With action on finance, supply chains, permits and grids, the full renewables potential can be unleashed, providing the needed 11.000 renewable gigawatts by 2030 to reroute onto the 1.5 degree pathway.
See more on the four core actions in GRA’s action agenda.
