Wedoany.com Report-Oct 14, International investment in renewable energy must triple to $1.5 trillion annually by 2030 to meet the global goal of tripling renewables, the International Renewable Energy Agency has said.

Despite record spending of $570 billion last year, current national plans are set to deliver only half of the required renewable power growth, the Abu Dhabi-based Irena said in a report released on Friday after the pre-Cop29 talks in Azerbaijan.

This huge funding gap threatens the global objectives of tripling the renewable capacity and doubling energy efficiency by 2030, which are critical for maintaining the 1.5°C threshold established in the Paris Agreement in 2015, a treaty in which 195 nations pledged to tackle climate change.

The world needs to "think bigger, act bolder ─ and collectively move faster on our energy transition journey”, Dr Sultan Al Jaber, Cop28 President, said.

“The opportunity is there but we need more nations to step up to the plate by including specific renewable energy and infrastructure targets in their upcoming NDCs [Nationally Determined Contributions], incentivising private investment, and making it easier to develop and deploy projects,” said Dr Al Jaber, who is also UAE Minister of Industry and Advanced Technology.