By Faridat Salifu
A report released by Climate Analytics, indicates that a staggering $8 trillion investment is imperative to achieving the ambitious goal of tripling global renewables by 2030, as agreed upon at COP28 in Dubai in late 2023.
The report also highlights the essentials needed for $4trillion in grid and storage infrastructure to support this renewable revolution.
The report placed significant emphasis on the necessity of investing $2 trillion annually to accelerate the growth of renewables in Africa.
By ramping up investments five-fold in the region, progress could be made at twice the global average rate.
Climate finance has been pinpointed as a crucial tool to mobilize the required $100 billion per year in Sub-Saharan Africa, ensuring equitable energy access for all and aligning the region with international targets.
Dr. Neil Grant, the lead author of the report, underscored that the $2 trillion annual investment should not be viewed as a cost but as a strategic choice.
With projections showing over $6 trillion being invested in fossil fuels this decade, the report affirms the superiority and safety of renewable energy options.
The report also delves into the urgent need for action in different global regions to achieve the tripling of renewables target by 2030.
It said while Sub-Saharan Africa faces historic underinvestment and energy access challenges, the OECD is forecasted to double its renewables capacity by the end of the decade but would need to triple it.
The report called on countries to not only focus on ramping up renewables domestically, but also contribute to supporting other regions in meeting the tripling goal.
It also said Asia emerges as a frontrunner, on track for quadrupling its renewable capacity by the end of the decade, largely driven by policies in China and India.
However, concerns have been raised about the risks posed by significant coal and gas infrastructure in these nations, urging for a shift away from new fossil fuel plants towards a renewable future.
Bruce Douglas, CEO of the Global Renewables Alliance, emphasized the paramount role of public finance, particularly international assistance, in providing low-cost capital to emerging markets.
This support is essential for these economies to transition to renewables smoothly, ensuring a clean, secure, and equitable shift.
Ultimately, the report stresses that the journey towards renewables does not end in 2030, with a continued growth trajectory needed to limit warming to 1.5°C. As nations formulate their 2035 targets, the report advocates.