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Mahesh

19/02/24 09:03 AM IST

Annual investment of $2 trillion needed to triple global renewable energy capacity by 2030: Report

In News
  • The world would likely need an average of $2 trillion per year from 2024 through 2030 to achieve a key pledge signed at the 28th meeting of the Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change.
Key findings
  • To align with the 1.5°C target set in the Paris Agreement, global renewable capacity needs to grow to 11.5 TW by 2030, which is 3.4 times higher than 2022 levels.
  • To achieve this, different regions scale at different rates relative to their current renewable capacity, driven by the pace of fossil phase-out needed and future electricity demand growth.
  • Asia makes the biggest overall contribution, providing around half (47%) of the 8.1 TW of renewable capacity additions needed globally by 2030.
  • Asia is the only region that is broadly on track to triple renewables in line with 1.5ºC by 2030.
  • Sub-Saharan Africa scales relatively quickly at 6.6x due to low levels of existing renewable capacity and high energy access needs.
  • Electricity demand is forecast to grow 66% per capita between 2020-2030 in the region, resulting in a renewables scale up rate that is double the global average.
  • Achieving the 1.5°C-aligned target requires USD 12 trillion of investment in the power system by 2030, with an average of USD 2 trillion per year from 2024 onwards.
  • To guide efforts towards the goal, governments need a clear roadmap and information on investment and climate finance needs, while civil society needs benchmarks to hold governments to account.
Net Zero Target
  • India has set itself an ambitious long-term goal of reaching net zero emissions by 2070.
  • In August 2022, India updated its Nationally Determined Contributions (NDC) under the Paris Agreement to reflect its aim of achieving 50% cumulative electric power installed capacity from non-fossil fuel based energy sources by 2030.
Source- DTE

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