A report from risk management firm DNV GL has estimated that eight times more solar and wind power is needed by 2030 in order to hit the Paris climate change prevention targets.
Ten times more solar power is needed, taking global capacity to 5TW, while five times more wind is needed at 3TW and battery production for electric vehicles needs to rise 50-fold.
The report also recommends investing more than $1.5 trillion (£1.2tn) annually in the expansion and reinforcement of power grids by 2030, including ultra-high-voltage transmission networks and extensive demand-response to balance variable wind and solar power.
Global energy efficiency will need to improve by 3.5% each year within the next decade, while green hydrogen will be needed to store excess renewable energy produced by the grid.
Ditlev Engel, Chief Executive of DNV GL Energy, said: “Governments, businesses and society as a whole need to change the prevailing mindset from ‘business-as-usual’ to ‘business-as-unusual’ to fast-track the energy transition.”