Belém, 12 November: New analysis from the Global Renewables Alliance has revealed for the first time how the world can finance the COP28 target of tripling global renewable power capacity by 2030 – providing a detailed breakdown of the balance of debt and equity required to achieve it.

Financing 3xRenewables by 2030: Mapping global capital needs, finds that, of the $8.6 trillion needed for renewables investment in the six years to 2030, approximately 72% must come as debt ($6.2 trillion) and 28% as equity ($2.4 trillion). This distinction matters because debt and equity face different risks and incentives. By mapping this finance, the report helps tailor solutions and identify actions that governments, investors and private sector must take to unlock and scale this investment.

Emerging markets and developing economies (EMDEs), excluding China, must receive an estimated 44% ($3.8 trillion) of total finance, significantly more than the 17% of investment that that went to EMDEs (excluding China) in 2024. Yet EMDEs still face high costs of capital, compounded by perceived risk, supply chain disruptions and inflation. Reducing risk premiums will require a reassessment of country risks and a broader view of investment risk that includes environmental and social factors.

Bruce Douglas, CEO of the Global Renewables Alliance (GRA), said: “This analysis marks a turning point in our understanding of how we finance the energy transition. For the first time, we can develop a clear mapping on not just how to source different types of capital, but how to channel it to where it will have the biggest impact.”

“By showing the balance between debt and equity, the report brings governments, project developers, and the financial community to the same table. With concrete data, we have a clearer view of the risks, returns and opportunities across technologies and regions. That alignment among stakeholders can ensure we develop solutions and capital flow to where they’re most effective, unlocking the scale of investment required to triple renewables by 2030.”

The private sector is already driving strong renewable growth, investing more than $600 billion last year in renewable power projects. At COP30, the Global Renewables Alliance – uniting six leading industry associations representing key renewable technologies – will call on governments, investors, and business to work together to build a more secure, sustainable energy system and unlock economic prosperity. At its Jobs. Security. Growth. campaign launch and reception on Wednesday 12 November, the GRA will be joined by partners including IRENA, RE100, and the We Mean Business Coalition to showcase private sector momentum and urge governments to enable renewable energy abundance.

The report includes the following policy recommendations to scale-up financing for renewable power projects:

1. Repurpose select public and development finance towards renewable energy infrastructure and the energy transition, to ensure EMDEs have the capital needed to meet the tripling goal.
2. Strengthen public-private collaboration to design innovative financing models for underinvested countries, using tools such as blended finance and green bonds to de-risk investment.
3. Deepen “trialogue” collaboration between industry, government and the financial community to develop context-specific models that close renewable energy investment gaps in underinvested countries.
4. Reduce the perceived risk premium for many EMDEs by reassessing country risks and adopting a more comprehensive definition of investment risk that accounts for environmental and social factors.
5. Align countries’ NDCs and energy policies to reflect the 3xRenewables ambition, while delivering clear, long-term investment signals.
6. Build investor confidence through stable policy frameworks, predictable support schemes and de-risked regulatory and market settings for renewable investment.

Bruce Douglas added: “Renewables are the growth story of our generation – creating jobs, security, and prosperity while already powering 10% of global GDP growth. Business is racing ahead, with private investment reaching $600 billion last year and companies ready to invest trillions more if governments remove policy and permitting barriers.”

“We know what works – this report makes it clearer than ever – now governments must turn pledges into progress by aligning policy and finance, embedding renewable targets into national plans, and delivering the infrastructure needed to triple renewables by 2030.”

Read the report: Financing 3xRenewables by 2030
Read the summary: Key Findings and Policy Recommendations