Achieving the ambitious renewable energy targets set at last year’s global climate summit will remain elusive unless the world invests over $30 trillion within the next six years.

This urgent warning was issued by the International Renewable Energy Agency (IRENA) during its final ministerial meeting ahead of the upcoming United Nations climate summit in Azerbaijan, COP29, where financing for climate action will be a primary focus.

At COP28 in Dubai, countries committed to collectively tripling global renewable energy capacity and doubling energy-saving initiatives by 2030. These pledges were viewed as essential to limiting global warming in alignment with the Paris Agreement.

However, IRENA’s first progress assessment, released on Friday, paints a bleak picture. It indicates that countries are on track to achieve only half of the renewable power growth needed to meet the tripling target.

To bridge this gap, IRENA emphasizes the necessity for stronger policies, streamlined permitting processes, and modernized power grids, alongside a dramatic increase in investment. While investment in renewables hit a record $570 billion last year, IRENA estimates that $1.5 trillion annually is required. Additionally, spending on energy efficiency measures must rise seven-fold, from $323 billion last year to $2.2 trillion each year.

To meet both COP28 targets, a total investment of $31.5 trillion in renewables, grids, energy efficiency, and related measures is required by 2030, according to IRENA.

These findings are expected to strengthen developing countries' calls for significantly increased financial support. IRENA's assessment arrives just before COP29, where nations aim to establish a new collective financial target for climate action—especially for transitioning from fossil fuels to renewables in developing regions.

Some proposals suggest replacing the existing target of $100 billion a year with figures as high as $1.3 trillion. However, developed countries and the European Union argue that any substantial increase in public funding necessitates contributions from emerging economies like China, stressing that the bulk of investments should come from the private sector rather than national budgets.

IRENA emphasizes the need for a "major scale-up" of both public and private financing to boost investment in developing countries.