Unlocking $1 Trillion in Clean Energy Investments by 2030: Mission 2025 Urges Governments to Act
A coalition of major companies, finance houses, and cities is calling on governments to adopt policies that could unleash up to $1 trillion in clean energy investments by 2030. Mission 2025, supported by Britain’s Energy Transitions Commission, highlights the importance of setting new capacity targets and providing incentives like tax credits and long-term electricity contracts to attract investment.
At the U.N. General Assembly, leaders from around the world are discussing the need to triple renewable energy capacity by 2030 to meet growing global energy demand and reduce reliance on fossil fuels. President Joe Biden is also set to address the assembly on the economic opportunities of clean energy under the $360 billion Inflation and Reduction Act.
The International Energy Agency believes that tripling clean energy capacity is achievable but will require significant efforts to overcome obstacles like permitting and grid connections. The agency emphasizes the need for modernizing electricity grids and increasing energy storage capacity to support renewable energy growth.
African leaders are particularly focused on expanding electricity access to drive development and reach millions of people without electricity. The African Development Bank and World Bank are seeking $30 billion in private sector investment to expand electricity access to over 300 million people on the continent.
As Africa Development Bank president Akinwumi Adesina stated, “You cannot really grow the global economy without energy. You cannot industrialize in the dark.” It is clear that investing in clean energy is not only crucial for environmental sustainability but also for economic growth and development worldwide.
