<p>At COP28, over 130 countries committed to tripling global installed renewable energy (RE) capacity from around 3,400 gigawatts (GW) in 2022 to 11,000 GW in 2030 or 60% of global power generation capacity.1,2 Thus, more than 1,000 GW of new installed RE capacity will have to be added on average every year.3 In 2023, a 50% growth of new RE &ndash; the biggest in the last 20 years &ndash; added 510 GW, spearheaded by China.4 This capacity addition was possible thanks to more than USD 660 billion in RE investments, twice as high as in 2015 when the Paris Agreement was signed.5 However, to achieve the 2030 target, around USD 1.3-1.55 trillion will need to be invested annually,6,7 30% of which is expected to come from the public sector alone.8 What are the barriers to further RE investment? How will the public and private sectors scale up such investments? What factors could accelerate RE investments to achieve COP28 targets?</p>
