Browsing: adoption of renewable energy in Africa

• A staggering $8 trillion would be invested in installing renewables to achieve COP28 renewable targets. 
• The report finds that COP28 renewable targets must continue growing enormously beyond the decade’s end.
• Without this, the pledge to triple COP28 renewable targets will ring increasingly hollow.

The investments channelled towards the development of renewables will need to grow fivefold if the Sub-Saharan African countries are to achieve COP28 Renewable Targets.

A new think tank Climate Analytics report shows that $8 trillion of investment is needed for new renewables and $4 trillion for grid and storage infrastructure to deliver the 2030 tripling goal agreed at COP28 – or combined, $2 trillion a year on average.

This is twice as fast as the current global average. 2023 global investment reached $1 trillion, around half of the annual investment needed between 2024 and 2030.

The insights show that using climate finance to mobilise $100 billion a …