Annual investments of about $1tn in renewable power and up to $130bn in hydrogen by 2030 are needed to avoid the catastrophic effects of climate change, a landmark report on behalf of 45 world leaders concludes.
The report calculated the world would need to add four times the amount of renewable energy that was deployed in 2021 every year by 2030, and drastically scale up hydrogen production to reach net zero emissions and stem global warming from burning fossil fuels.
Up to 8TW of additional renewable capacity will be required by 2030, from about 3TW last year, according to the research jointly published by the International Energy Agency, the International Renewable Energy Agency and the UN, ahead of the COP27 climate summit in November.
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