$10 trillion must be mobilised to reach the global 2030 renewables goal

Global Renewables Alliance launches Time 4 Action campaign to help turn the Double Down, Triple Up ambition into reality.

19th March 2024, Berlin | The global goal to triple renewable energy capacity was agreed by all countries at COP28 with the support of international energy institutions. However, with less than seven years until the deadline, action is now urgently needed. 

Today the Global Renewables Alliance launches the ‘Time 4 Action’ campaign, calling for action to mobilise 10 trillion USD in public/private investments and establish policy frameworks paving the way to reach 11.000 GW of renewables by the end of this decade.

“There is no energy transition without action,” said Bruce Douglas, CEO of the Global Renewables Alliance. “World leaders have committed to the tripling goal and now it’s time to deliver. This means taking urgent action on finance, permits, supply chains and grids.” 

Scaling renewables by three times globally now means taking collective action: 

• Action to steer the world onto a 1.5 °C pathway. 
• Action to deliver affordable energy access, clean air and high quality jobs. 
• Action to redirect financial resources to renewables, primarily in emerging markets and developing economies (EMDEs).
• Action to achieve a worldwide energy transition that delivers a secure, clean and just future. 

These actions can be amplified and accelerated by working collaboratively with our partners and key decision makers.The German government target of reaching 80% renewable energy by 2030 is a great example of leadership and collaboration in action and should be applauded. 

“The industry stands ready to deliver, awaiting policymakers to pave the way. De-risking renewable investments, especially in emerging economies, is now a crucial step to delivering on the global target. The global south is where we must see massive upscaling of renewables deployment in order for the energy transition to be just and equitable; and it needs to happen now,” said Bruce Douglas.

Beyond the challenges around finance, the renewable energy transition faces barriers from drawn-out permitting processes, insecure supply chains and a lack of grid infrastructure. The global renewables industries have come together through the Global Renewables Alliance to call for action to overcome these challenges. Permitting processes must double in speed, supply chains must build resilience and diversification, and grid infrastructure, connections and energy system optimisation needs to be accelerated.

Read more in the Global Renewables Alliance official press release.