Published On 19/10/2025
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Last update: 12:50 (Mecca time)
A new report reveals the need to increase investment in renewable energy to about $1.4 trillion annually between 2025 and 2030 to achieve global climate goals.
This number is more than double the amount of $624 billion invested in 2024, according to estimates issued by many financial institutions and international organizations.
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The report issued by International Renewable Energy Agency The Brazilian presidency of COP30 and the Global Renewable Energy Alliance indicated that in 2024, additions to global renewable energy capacity will reach an unprecedented level of 582 gigawatts.
However, this is still not enough to stay on track to achieve the 2023 COP28 UAE Agreement target of tripling renewable energy to 11.2 terawatts by 2030.
Achieving this goal now requires adding 1,122 gigawatts of energy each year from 2025 onwards, which requires accelerating annual growth to 16.6% during the current decade.
These data, which were touched upon in the second official report that tracks historical energy goals since COP 28, put pressure on countries and companies in the private sector to increase solar, wind, and green hydrogen projects.
“The world has broken records in the field of renewable energy, but these numbers alone will not maintain the goal of limiting global temperature rise to 1.5 degrees Celsius,” said Francesco La Camera, Director-General of the International Renewable Energy Agency.
This is far short of the 4% annual gains needed to achieve the goal and maintain the goal of limiting global temperature rise to 1.5 degrees Celsius, he noted.
Calls are increasing for urgent action to integrate renewable energy goals into the third edition of the Nationally Determined Contributions (NDCs) before the COP30 Conference in Belém, Brazil, next month.
Environmental lobbies are also calling for a doubling of the collective ambition of country-specific contributions, to match the global renewable energy target.
La Camera called for accelerating the deployment of renewable energy, expanding the scope of clean technology, and strengthening supply chains. He also stressed the need to mobilize financing and deepen cooperation to lead the energy transformation and make the COP30 conference a milestone.
According to the report, major global economies are required to fulfill their commitments in the field of climate finance, and achieve the annual minimum of $300 billion from the new collective quantitative target.
These countries face challenges to meet the ambitious target of about $1.3 trillion that was confirmed at the COP29 conference in Azerbaijan.
In light of the report’s findings, United Nations Secretary-General António Guterres said, “The clean energy revolution cannot be stopped, as renewable energy is provided faster and cheaper than fossil fuels, which drives growth, increases the number of jobs, and provides energy at affordable prices.”
He explained that the opportunity to keep the goal of limiting global temperature rise to 1.5 degrees Celsius is within reach, and therefore “the process of a just energy transition must be intensified, expanded and accelerated, for everyone, everywhere.”
A previous report from McKinsey predicted that fossil fuels would continue to dominate energy sources, and that global energy consumption by 2050 would be between 41% and 55%, which is less than the current 64%, but higher than previous expectations.
On the other hand, the first half of 2025 witnessed, for the first time in the world, the amount of electricity generated from green energy exceeding that generated from coal, and thus wind energy, especially solar energy, grows at a faster pace in response to energy demand.