(Bloomberg) -- Sub-Saharan Africa’s investment in renewable energy needs to increase fivefold to meet a commitment of boosting global capacity to 11,500 gigawatts of clean energy by 2030, a new study shows.

Governments at COP28 agreed to triple the world’s renewable energy installations by 2030 to limit global warming to 1.5C.

Sub-Saharan Africa would need to boost investments from $20 billion in 2023 to $100 billion a year by 2030 to contribute its share to that goal, according to Climate Analytics. The policy institute’s study builds on the COP28 agreement by proposing regional benchmarks and calculating the amount of funding required. That compares with a global need of $2 trillion a year from 2024 to 2030, the study shows.

“Without an urgent and rapid increase in finance to support renewables deployment in Africa, millions will miss out on the benefits of the renewables revolution - cleaner air, cheaper power and increased energy security,” the Berlin-based institute said in the report released Tuesday. “Much more needs to be done to mobilize renewables and grid expansion in less wealthy countries.”

Sub-Saharan Africa is the least electrified region in the world. More than half of its population lack access to power, and demand is set to double over the next decade. 

That presents an opportunity to accelerate the energy transition, according to the study. Africa would need to boost its renewables capacity to 300 gigawatts by 2030, under the scenario, and retire just about 60 gigawatts of fossil fuel energy by 2040. In contrast, Europe needs to retire 1,500 gigawatts of dirty energy by 2035.

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