The world must build more than 6 terawatts of renewable power in the next five years — more than all previous years combined — to deliver on a goal to triple global renewable energy capacity by 2030, according to a new report. At COP28 in the UAE in 2023, countries agreed to collectively reach 11.2 TW of installed renewable capacity by 2030. Last year, clean power representing a record 693 GW of new capacity was added, but that pales in comparison to the 1,200 GW needed on average every year to 2030 to meet the goal, according to the report by the International Renewable Energy Agency, the Global Renewables Alliance and the COP31 Presidency.
Delivering the extra capacity requires an additional $8.6 trillion in investment over 2026-2030, the report found. To enable the additional renewable capacity to come online, investment to expand, modernize, and build flexibility on the grid must average up to $1 trillion a year, up from $525 billion in 2025.
