IEA: Renewables Need $1.3 Trillion Per Year by 2030 for Climate Goals

from Bloomberg

Renewables spending needs to more than triple, IEA says

Electricty sector is crucial to reach global climate goals

By Will Mathis | October 26, 2022

Investment in renewable energy will need to hit $1.3 trillion a year by 2030 for the world to be on track to limit global temperatures set out in the Paris climate accord.

That’s the latest assessment from the International Energy Agency, which revised up the figure from $1 trillion in a previous forecast. While the amount is more than triple the $390 billion spent annually on renewables today, it’s not unprecedented for the energy industry. The figure would match a record for investment in fossil fuels set in 2014.