Global investments in energy transition technologies must more than quadruple annually, says the International Renewable Energy Agency (IRENA).
In total, the world needs around $35 trillion for transition technology by 2030, Reuters reports.
IRENA called for directing planned fossil fuel investments toward renewable energy technologies and infrastructure.
Global investments in energy transition technologies must more than quadruple annually to stay in line with commitments made under the Paris climate accord, the International Renewable Energy Agency (IRENA) said on Tuesday.
Investments in renewable energy technologies reached a record of $1.3 trillion last year but that figure must rise to around $5 trillion annually to meet the key Paris accord target of limiting temperature increases to 1.5 degrees Celsius (2.7 Fahrenheit) above pre-industrial levels, IRENA said.
In total, the world needs around $35 trillion for transition technology by 2030, including improving efficiency, electrification, grid expansion and flexibility, IRENA said.
Renewable energy deployment must grow from around 3,000 gigawatts annually today to over 10,000 GW in 2030, IRENA said, adding that more equality is needed in renewable expansion between industrial and developing countries.
New renewable energy projects in China, the European Union and the United States accounted for two thirds of installed capacity last year, while Africa accounted for only 1% of renewable capacity installed.
How is the World Economic Forum driving the energy transition?
The Centre for Energy and Materials connects leaders to make sense of the complex transitions reshaping energy, materials and industrial systems. It provides a platform to explore how energy security, affordability and sustainability intersect.
Through collaboration across value chains and regions, the Centre enables shared pathways that help partners align around practical solutions for a secure, low-carbon and equitable transition.
"A fundamental shift in the support to developing nations must put more focus on energy access and climate adaptation," IRENA' Director General Francesco La Camera said, calling on financial institutions to direct more funds towards energy transition projects with better conditions.
IRENA called for directing planned fossil fuel investments -around $1 trillion of fossil fuel investments per year by 2030 - toward renewable energy technologies and infrastructure.
