The International Renewable Energy Agency (IRENA) has called for a significant increase in the deployment of new wind and solar power plants by the end of the decade to meet the world's climate goals. Last year, renewable energy accounted for 83% of new power generation capacity, and by 2022, the proportion of renewable energy power generation installed capacity will reach 40%. To halve greenhouse gas emissions by 2030 and put the world on track to limit global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit), existing targets for renewable energy deployment would need to more than double. IRENA also estimates that more than $5 trillion is needed annually in public and private investment in renewable energy, including generation, electrification, transmission grids, and energy efficiency measures. It called for shifting current fossil fuel investments toward renewables and for greater financial help for developing countries struggling to finance alternatives to coal, oil and natural gas power plants.

By 2050, experts say, no more carbon dioxide and other polluting emissions should be released into the atmosphere than can be captured through natural or artificial means. IRENA Director General Francesco La Camera estimates that public and private investment in renewable energy needs more than $5 trillion per year, including generation, electrification, transmission grids and energy efficiency measures. He also called for a shift from current fossil fuel investments to renewable energy and more financial help for developing countries.