Coalition Calls for $1 Trillion Clean Energy Investment by 2030

A coalition of major companies, finance houses, and cities has called on governments to adopt policies that could unlock up to $1 trillion in clean energy investments by 2030. Mission 2025 emphasized the need for new capacity targets, tax credits, and long-term electricity contracts to drive renewable energy growth.

A coalition of some of the world's largest companies, finance houses, and cities has urged governments to adopt policies aimed at unlocking up to $1 trillion in clean energy investments by 2030.

The group, Mission 2025, backed by Britain's Energy Transitions Commission, recommended policies such as setting new capacity targets and providing tax credits or long-term electricity contracts to boost the case for investment. The appeal comes as countries meet on the sidelines of the U.N. General Assembly to discuss rising global energy demand and the need to increase renewable energy to avoid relying on fossil fuels.

Leaders from Kenya, Barbados, the European Union, and other nations are set to discuss their efforts to triple renewable energy capacity by 2030, a pledge made at last year's COP28 summit in Dubai. U.S. President Joe Biden will address the U.N. General Assembly, highlighting his administration's $360 billion Inflation and Reduction Act, aimed at promoting clean energy. White House National Climate Adviser Ali Zaidi noted the focus on economic opportunities and strengthening U.S. manufacturing and infrastructure.

The International Energy Agency stated that tripling clean energy capacity is achievable but requires overcoming bottlenecks such as permitting and grid connections. African leaders are seeking ways to expand electricity access to fuel development, with the African Development Bank and World Bank aiming to provide electricity to over 300 million Africans by raising $30 billion in private investment. Africa Development Bank President Akinwumi Adesina emphasized the importance of energy for economic growth and industrialization.

(With inputs from agencies.)