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.

Some regions are at risk of falling behind in the effort to triple renewables due to a chronic lack of investment and international support.

This is particularly the case in Sub-Saharan Africa, where annual investment in renewables and grid expansion was around $20 billion in 2023 – just a fifth of the ~$100 billion needed each year between 2024-2030.

Without an urgent and rapid increase in finance to support renewables deployment in Africa, millions will miss out on the benefits of the renewables revolution – cleaner air, cheaper power, and increased energy security.

As governments come together to negotiate a new climate finance goal for the post-2025 period, much more needs to be done to mobilise investment in renewables and grid expansion in less wealthy countries. Without this, the pledge to triple renewables made at COP28 will ring increasingly hollow.

While scaling up renewables is key, emissions will only fall if they displace fossil fuels in the power system. As well as investing in renewables, governments must take action to end public support and subsidises for fossil fuels. COP28 fired the starting gun on a global race to triple renewables by 2030. This report sets out a roadmap at the regional level to guide the way.