REM: World must invest $8 trillion in renewables by 2030 to meet COP28 goal

Investment of as much as $8 trillion in renewable energy and half of that in grids and storage is required to meet the goal of tripling renewable energy capacity by 2030, as agreed at COP28 in Dubai in December.

That is the equivalent of an annual investment of $2 trillion globally, said a new report by Climate Analytics, the climate change think-tank.

Investment in sub-Saharan Africa needs to grow seven-fold to ramp up renewables twice as fast as average, which is what is needed to align the region with the global target, said the report.

OECD countries are forecast to double their renewables by 2030, but that capacity needs to triple, said the report. Tripling the capacity would close 60% of the global gap between forecast capacity in 2030 and the COP28 goal, it said.