Global clean energy investment hits record $1.8 trillion, but COP28 targets at risk – EQ
In Short : Global clean energy investment reached a record $1.8 trillion, yet COP28 targets remain at risk. Despite the unprecedented funding, further efforts are needed to meet climate goals and accelerate the transition to sustainable energy solutions.
In Detail : The climate policies adopted by other countries are currently not on track to fulfil the target.
Consulting firm EY claims that the COP28 goal of tripling renewables capacity by 2030 may not be achieved, despite a record $1.8 trillion being invested globally in clean energy in 2023.
Renewable energy generation reached a record 30 per cent of the world’s electricity production in 2023 thanks to growth in solar and wind power, up from 29.4 per cent in 2022. China supplied the majority of the additions.
However, a report released earlier this month by the International Energy Agency revealed that, aside from 14 out of 194 countries, the climate policies adopted by other countries are currently not on track to fulfil the target.
Battery energy storage technologies might be extremely important in a more unstable grid. According to the report, by 2030, the deployment is anticipated to reach 1,848 gigawatt-hours (GWh) or 572 gigawatts (GW), with a significant proportion of that capacity being utilised at the grid-scale.
During the COP28 climate summit in Dubai last year, more than 100 nations committed to reducing emissions and using less fossil fuel and increasing the share of renewable energy by 2030 in order to prevent the worst effects of climate change.
