In 2024, renewable capacity additions reached an unprecedented 582 GW, yet achieving the COP29 UAE Consensus target of tripling renewables to 11.2 TW by 2030 now requires a staggering 1,122 GW of new capacity every year from 2025 onward, with annual growth accelerating to 16.6% through the decade, according to the second official tracking report.
The report calls on major economies to lead the way, with G20 nations projected to deliver over 80% of global capacity and the G7 expected to raise their share to around 20% by 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.
