A recent report highlights the urgent need for increased investment in global renewable energy infrastructure to meet ambitious targets set for 2030. Released during a pre-COP30 event in Brasília, Brazil, the report titled “Delivering on the UAE Consensus: Tracking progress toward tripling renewable energy capacity and doubling energy efficiency by 2030” emphasizes that $670 billion must be allocated annually to grid infrastructure from now until the end of the decade.
It’s imperative that G20 countries heed the call of this urgent report. By 2030, these countries are expected to be responsible for more than 80% of renewable energy worldwide. The Group of Seven (G7) nations are set to increase their contribution even further. In the Senate, they are projected to achieve upwards of 20% over this time period. This shift is extremely important. While global renewable capacity additions reached a record 582 gigawatts (GW) in 2024, we have a long way to go.
Financial Commitments and Current Progress
Even with a 7% increase in expected renewable energy investments in 2024 reported, these disbursements are still not enough to uphold healthy project pipelines. The report’s most alarming conclusion, to us, is that we need to ramp up energy efficiency savings to 4% per year. This doubling is critical to achieving the targets established in the UAE Consensus and to remaining below 1.5°C of global warming.
The need for all of the above measures has never been more urgent, as global energy intensity increased by a dismal 1% in 2024. Our window to keep the 1.5°C limit within reach is closing rapidly. Sunshot Vision Photo by Michael McCaffery Experts are clear—we need to act fast if we want a sustainable future.
“The clean energy revolution is unstoppable. Renewables are deployed faster and cheaper than fossil fuels – driving growth, jobs, and affordable power. But the window to keep the 1.5°C limit within reach is rapidly closing. We must step up, scale up and speed up the just energy transition – for everyone, everywhere.” – António Guterres
The Role of G20 and G7 Nations
The report notes that, unsurprisingly, G20 countries are at the center of action on a global energy stage. Their commitment to sustainable practices means they lead the way in renewable energy produced. This commitment will have a major impact on international climate change work. This is where the G7 nations should be leading the world to make the most meaningful contributions to this transition. Projections indicate that their share will increase significantly in the next few years.
All of these major economies are still in the process of making these discussions and policies happen. Their decisions could have huge ramifications for renewable energy efforts around the world. What we can’t lose sight of is the need to drive new collaboration and innovation to boost energy efficiency benefits across the board.
Future Outlook
Moving forward, the report urges a collaborative global approach, stressing that countries should focus on welcoming renewable energy investments and building and expanding renewable infrastructure. It’s time for countries to harmonize their policies to accelerate the shift to a cleaner energy future. With a firm emissions reduction target established for 2030, this alignment will be essential. We need to act – not just to save our planet, but to save our economy. Together, this commitment will help spur economic development and job creation.