The International Renewable Energy Agency (IRENA) has released a report emphasizing the urgent need for large-scale investments in renewable energy to achieve global climate targets. According to the agency, keeping the rise in average global temperatures below 1.5 degrees Celsius is still within reach but will require an estimated $31.5 trillion in investments.
IRENA’s report projects that these investments should aim to triple global renewable electricity production by 2030, increasing it from 3.87 terawatts (TW) in 2023 to 11.2 TW. However, the path to 2030 is only a step toward a longer-term goal. By 2050, the desired level of renewable energy generation is set at 33.2 TW.
In the World Energy Transitions Outlook 2024, IRENA experts highlight that achieving climate targets is technically feasible and economically sound, but it requires a decisive shift in global action. The measures taken in 2025 will be crucial for keeping the 1.5-degree target alive.
“We’ve reached a pivotal moment,” stated IRENA Director General Francesco La Camera. He stressed the importance of a robust global financial agreement and new national commitments to emissions reduction by 2025 to maintain progress.