World must spend $A18 trillion in renewables and grids by 2030 to meet climate targets

RenewEconomy underscores the need to spend at least $12 trillion over the next six years on renewables and grid infrastructure to meet the climate targets set out at last year’s COP28 conference.

This includes approximately $8 trillion to triple renewables by 2030 and an additional $4 trillion for grid infrastructure. To bridge this gap, it’s suggested to redirect planned investments in fossil fuels toward renewables. The study also highlights the necessity of closing the gap between current forecasts and the Paris Agreement-compatible benchmark by accelerating renewable growth by 70% from 2022 to 2030 compared to the past eight years.

Image: Ørsted

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