Tripling renewable energy by 2030 requires $1 trillion per year, BNEF says

According to BloombergNEF, investments in renewable energy sources must increase to an average of $1 trillion per year for the world to achieve its goal of tripling its green energy potential by 2030.

To meet the goal set at last year’s COP28 climate summit, governments will need to address barriers to expansion, including removing fossil fuel subsidies, easing supply chains and streamlining the permitting process, BNEF said in a report published Tuesday. Average annual investments of $193 billion for battery storage and $607 billion for grid upgrades will also be needed, it added.