According to a preview of the International Renewable Energy Agency’s (IRENA) annual report, renewable energy must be more than tripled from 3,000 GW to over 10,000 GW by 2030 if global temperature increases are to be limited to 1.5°C.
IRENA’s World Energy Transitions Outlook 2023 Preview states that achieving this goal will require yearly investments of over $5 trillion, more than quadrupling current investments in the energy transition. By 2030, cumulative investments must amount to $44 trillion, with transition technologies comprising 80% of this figure.
Francesco La Camera, director general of IRENA, emphasizes that international collaboration is essential to achieving the energy transition, with more funds needed for developing countries. The preview also highlights that renewables accounted for 83% of global power additions in 2022, but developing nations received only a small share, with Africa contributing only 1%.
The report warns that 41% of investment planned by 2050 remains targeted at fossil fuels, posing a risk of becoming “stranded.” The full report will be released later this year.
