Call to redirect $10tn of fossil fuel investment towards energy transformation by 2030

The International Renewable Energy Agency (IRENA) is calling for some $10tn of fossil fuel investment to be redirected towards energy transformation by 2030, with renewable electricity supplying 57% of global power by the end of the decade, up from 26% today.

According to its latest publication, 10 Years: Progress to Action,  annual renewable energy investment needs to double from around $330bn today, to close to $750bn to deploy renewable energy at the speed required advance the global energy transformation, achieve sustainable development goals and a pathway to climate safety. Much of the needed investment could be met by redirecting close to $10tn of planned non-renewables related energy investments to 2030, says IRENA.