Annual Investment of $2 Trillion Needed To Triple Global Renewable Energy Capacity by 2030: Climate Analytics

Context: 

Recently, A think tank ‘Climate Analytics’ in its report highlighted the substantial investment required to meet the Renewable Energy (RE)  goal set at COP28.

Renewable Energy: Key Highlights of the Report By Climate Analytics

• Investment Requirements for Renewable Energy Expansion:  Around $ 8 trillion for new renewables and an additional $ 4 trillion for grid and storage infrastructure, to achieve the ambitious goal of tripling renewable energy capacity by 2030. 
• Prioritizing Renewables over Fossil Fuels: Citing the substantial investment already allocated to Fossil Fuels, Global Stocktake (an assessment of global progress on climate action) as one of the key outcomes of COP28 included it.
• Regional Challenges: The report emphasizes the need for concerted efforts to ensure Certain regions like Sub-Saharan Africa, do not lag behind in renewable energy adoption.
• Intensified efforts needed from OECD Regions & Climate Leaders: 
  • To not only increase renewables domestically but also provide financial support to regions facing challenges in meeting renewable energy targets. 
• Beyond 2030: The report finds renewables need to continue growing strongly beyond the end of the decade, scaling up five times by 2035 relative to 2022, to limit warming to 1.5°C. 
  • As governments start to develop their 2035 targets for the next round of NDCs, they should consider how to follow through on the tripling ambition collectively agreed at COP28.

Current Status of Renewable Energy: At Global Level: 

• In 2022, the Renewable energy capacity stood at 3.4-3.6 TW.
• According to the International Energy Agency, tripling the global renewable energy capacity and doubling the energy efficiency rate by 2030 are critical to limiting the average global temperature rise to 1.5 degrees Celsius.

Current Status Renewable Energy: At India Level

• About 13.5 GW renewable energy capacity added during calendar year 2023 India.
• As of Dec 2023, Renewable energy sources, including large hydropower, have a combined installed capacity of 180.79 GW. 
  • Wind power: 44.73 GW Solar Power: 73.31 GW Biomass/Cogeneration: 10.2 GW Small Hydro Power: 4.98 GW Waste To Energy: 0.58 GW Large Hydro: 46.88 GW 

• India’s Renewable Energy Target Under NDC:

• • Reduce Carbon Intensity of the nation’s economy: to less than 45% by the end of the decade. 
  • Electric Power: Achieve 50 per cent cumulative electric power installed by 2030 from renewables, and 
  • Net zero Carbon Emission: Achieve net-zero carbon emissions by 2070. 
  • Total Capacity: India aims for 500 GW of renewable energy installed capacity by 2030. 
  • Green Hydrogen: India aims to produce five million tonnes of green hydrogen by 2030.

News Source: DTE

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