The International Renewable Energy Agency (IRENA) has issued a stark warning regarding the world's progress towards achieving its renewable energy goals. According to a report released ahead of the upcoming COP29 climate summit in Azerbaijan, global investment in renewables needs to exceed $30 trillion over the next six years to meet the targets agreed upon at last year's COP28 in Dubai.

At COP28, countries committed to tripling global renewable energy capacity and doubling energy efficiency by 2030. However, IRENA's first progress assessment shows that the world is currently on track to achieve only half of the required renewable energy growth. Investment in renewable energy reached $570 billion in 2023, but IRENA warns that $1.5 trillion is needed annually to meet the targets. Spending on energy efficiency must also increase sevenfold, from $323 million to $2.2 trillion per year.

The report highlights that most of the investment has been concentrated in developed regions like the EU, China, and the United States, while renewable energy investments in Africa have significantly decreased. IRENA's findings underscore the need for stronger policies, faster permitting processes, and increased financial support, particularly for developing countries, to stay on course for the 2030 targets.

Source: irena.org