BloombergNEF – Unlocking Investment to Triple Renewables by 2030

The COP28 climate summit in December 2023 committed nearly 200 Parties to triple global renewables capacity by 2030, with $300 billion already invested in renewable energy since then. However, more acceleration is needed to achieve a net-zero emissions pathway. BloombergNEF's Net Zero Scenario outlines the need for rapid buildout of renewable energy to reach over 11 terawatts of installed capacity by 2030, driving more than 50% of emissions reductions this decade. While the world is not currently on track for the COP28 goal, there has been progress with 578 gigawatts of new renewables capacity added in 2023. Investment needs to ramp up to an average of $1 trillion per year from 2024 to 2030 to enable a tripling of renewables. Some regions, like China and Brazil, are on track for a net-zero future, while others need more support and investment to accelerate the energy transition. This report by BNEF, commissioned by Bloomberg Philanthropies and supported by various renewable energy organizations, highlights the necessary actions for unlocking investment to triple renewables by 2030.