G20 leaders agreed to accelerate efforts to triple global renewable energy capacity by 2030, aligning with recommendations from the International Renewable Energy Agency (IRENA) on how the world can move in line with the Paris Agreement targets.

In a declaration adopted on Saturday, the Group cites a joint report between IRENA and India’s G20 Presidency, titled “Low-Cost Financing for Energy Transitions”, which estimates a need for over USD 4 trillion in annual investments by 2030.

According to IRENA’s “World Energy Transitions Outlook 2023”, released earlier this year in June, the world needs to triple global renewable power capacity to just over 11.000 GW by 2030 to maintain the possibility of limiting global warming to 1.5°C. The agreement taken by G20 supports this objective.

“The adoption of a renewable energy target aligned with the goals of the Paris Agreement is a significant milestone for the energy transition,” said IRENA Director-General Francesco La Camera. “Over the past decade, thanks to rapidly falling costs, renewable energy has emerged as the most cost-effective energy solution for meeting the growing needs of global populations while simultaneously combating climate change.”

“IRENA is proud to have played a role in the G20’s decision to adopt this target. We will maintain close collaboration with our member countries to deliver on this ambition,” he added.”

La Camera stressed the importance of building on this political momentum as the world prepares for COP28 emphasising that an ambitious action agenda that is inclusive of both developed and developing countries at COP28 will be essential to addressing the climate challenge.

IRENA’s “Low-Cost Financing for Energy Transitions” report, developed in close collaboration with India’s Ministry of New and Renewable Energy (MNRE), provides a toolbox to increase the availability of low-cost capital in G20 countries and beyond.