Major gaps remain to tripling global renewable energy capacity

To reach the target of tripling global renewable energy capacity by 2030, the world needs to construct over 6 terawatts of renewable power in the next five years, surpassing all previous years combined, reveals a new report. At the COP28 conference held in the UAE in 2023, participating countries set a collective goal to achieve 11.2 terawatts of installed renewable capacity by 2030.

Although last year witnessed a record 693 gigawatts of new clean power capacity being added, this falls short of the 1,200 gigawatts of average annual capacity required to meet the goal, as stated in the report by the International Renewable Energy Agency, the Global Renewables Alliance, and the COP31 Presidency. To bridge this gap, an additional investment of $8.6 trillion will be necessary between 2026 and 2030, according to the report.

Furthermore, investment in expanding, modernizing, and improving grid flexibility must increase to an average of $1 trillion per year, up from $525 billion in 2025, in order to facilitate the deployment of the additional renewable capacity.