At COP28, nearly 200 countries committed to tripling renewable energy capacity to at least 11,000 GW by 2030 and doubling the annual rate of energy efficiency improvements to more than 4%.
In 2024, the world added a record 582 GW of renewable capacity, reflecting unprecedented investment and deployment. However, this progress falls short of the 16.6% annual growth required to meet the 2030 target.
By the end of 2024, global installed renewable capacity stood at 4,443 GW, far below the level required for a 1.5C-consistent pathway. While expansion is encouraging, gaps in policy, infrastructure and workforce readiness continue to hinder the pace of the clean energy transition.
Financing remains a critical bottleneck. While renewable energy investment reached a record high in 2024, government and private sector funding is still insufficient to fully scale deployment, particularly in emerging and developing economies.
Analyses from the International Renewable Energy Agency (IRENA) show that to meet the 2030 renewable energy targets, annual global investment must increase to at least $1.4trn between 2025 and 2030, which is more than double the $624bn invested last year.
Meanwhile, fossil fuel financing continues to distort the energy transition. Governments now project even higher levels of coal production through 2035 and gas production through 2050 than they did in 2023.
Under current plans, global fossil fuel output in 2030 is expected to exceed the 1.5C-consistent pathway by 500% for coal, 31% for oil, and 92% for gas. Collectively, these projections surpass the fossil fuel production implied by countries’ own mitigation pledges by 35% in 2030 and 141% by 2050.
COP30 in Belém, Brazil, offers an opportunity to address these challenges. Expectations for the summit include enhanced national commitments that explicitly incorporate ambitious renewable energy and energy efficiency targets, as well as concrete delivery plans to accelerate deployment.
Scaling up investment, particularly in emerging markets, will be essential. Priorities include expanding grid infrastructure, integrating storage solutions to balance variable renewable generation, and investing in demand-side management and energy efficiency programmes.
The private sector has a crucial role to play in driving the clean energy transition. Businesses can accelerate progress by engaging in policy dialogues, aligning corporate investment portfolios with national and global climate targets, and making public commitments to renewable energy adoption and energy efficiency.
Amount invested in renewable energy worldwide last year.
Amount of investment in renewable energy needed worldwide between 2025 and 2030.
RE100 companies exemplify this leadership, representing the global face of voluntary corporate action toward zero-carbon power systems through 100% renewable electricity targets.
According to the 2024 RE100 Annual Disclosure Report (ADR), member companies now account for 545 terawatt hours (TWh) of annual electricity use—equivalent to 2% of global electricity generation—with 53% already sourced from renewables. These companies are demonstrating tangible progress by increasing renewable electricity consumption even in markets where procurement remains challenging.
Multi-national corporates and institutional investors are also leveraging power purchase agreements, green bonds, and blended finance structures to expand clean energy deployment in regions where public financing alone is insufficient.
However, while renewable energy deployment continues to grow, the pace of transition remains uneven—particularly in the Global South, where access to finance, infrastructure, and technical capacity remains limited. Bridging these gaps is essential not only to meet global climate objectives but also to ensure equitable energy access and long-term energy security worldwide.