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At the 2023 United Nations Climate Change Conference (COP 28), the goal of tripling renewable power capacity by 2030 was established globally to limit the global temperature rise to *** degrees Celsius. To achieve that target, investment in renewable energy generating technologies should average some *** trillion U.S. dollars annually until 2030. In 2024, the world invested some *** billion in renewable energy, less than half of the required amount.

Solar PV at the forefront of renewable investments 

Among renewable energy technologies, only solar PV is on track to meet the 2030 global investment targets. In 2024, investments in solar PV stood at *** billion U.S. dollars, surpassing the *** billion U.S. dollar annual average. On the other hand, wind energy investments fell short in 2024, with combined onshore and offshore investments amounting to *** billion U.S. dollars, a figure significantly lower than the required amount.  

Global renewable capacity expansion 

In 2024, renewable energy capacity grew by roughly *** gigawatts, with solar PV accounting for more than ** percent of that amount. Overall, global cumulative renewable energy installations in that year grew to a total of *** terawatts. By 2030, the world should reach a renewable power capacity of at least **** terawatts to align with energy transition goals and reach net zero emissions by 2050.