Countries are currently not on track to meet the goal of tripling renewable energy capacity by 2030, although it remains achievable.
A recent report from BloombergNEF (BNEF), presented at the Global Renewables Summit in New York, outlines necessary investments to support this target.
To meet the tripling goal, an average of $1 trillion (£750bn) annually is needed for renewables from 2024 to 2030, along with additional funding for battery storage and electricity grids.
In the first half of 2024, BNEF estimates that $312 billion (£233bn) was invested in renewables.
This included $221 billion (£165bn) for solar projects, both large and small, and $91 billion (£68.1bn) for wind energy.
The report emphasises the importance of removing investment barriers, particularly in developing economies.
Since the COP28 climate conference, where nearly 200 parties agreed to the tripling target, investment in renewable energy has increased.
By 2030, BNEF estimates that around 10.3 terawatts of renewable capacity will be operational, but this falls short of the net zero pathway.
China remains the largest market for renewable energy investment, with significant contributions also coming from Brazil.
In contrast, regions like Japan and sub-Saharan Africa are lagging behind in meeting the required levels of investment and deployment.
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