Sign In
Learn bits
Ecology & Environment, Index & Reports
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

More Related Current Affairs View All

05 Mar

First-ever comprehensive survey of India’s river dolphins

'Prime Minister Narendra Modi released the results of the first-ever comprehensive population estimation of riverine dolphins – Gangetic and Indus dolphins – done in In

Read More

05 Mar

Arresting women at night

'The Madurai Bench of the Madras High Court in Deepa versus S. Vijayalakshmi and Others ruled that the legal provision in the Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023, which

Read More

05 Mar

Digital Personal Data Protection Act, 2023

'The Ministry of Electronics and Information Technology (MeitY) looking to wrap up public consultations on the draft Rules for the Digital Personal Data Protection Act, 2023 by Mar

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps