At COP28, governments agreed to triple global renewable capacity by 2030. This, alongside doubling energy efficiency, is possibly the most powerful action the world can take in the transition away from fossil fuels this critical decade.

To guide efforts towards the goal, governments need a clear roadmap and information on investment and climate finance needs, while civil society needs benchmarks to hold governments to account.

This report breaks down what a 1.5ºC-aligned renewables rollout would look like at the regional level, and calculates the associated investment needs.

Key findings:

• Asia is the only region which is broadly on track to triple renewables in line with 1.5ºC by 2030. This is primarily driven by growth in China and India which compensates for laggards like South Korea, where renewable capacity is set to grow at half the rate of the region as a whole.
• The OECD provides the next biggest share of global capacity additions at around a third (36%).
• Overall, tripling renewables in line with the 1.5°C temperature limit would require $12 trillion of investment in the power system up until 2030 – an average of $2 trillion per year starting in 2024.
• Over 2024-2030, the world is on track to invest $6.6 trillion in renewables and grids, leaving an investment shortfall of just over $5 trillion. However, the world is also set to invest over $6 trillion in fossil fuels under current policies. Shifting this money to renewables and grids could cover the investment gap entirely and put the power sector on track for 1.5ºC.