Global Efforts to Triple Renewable Energy by 2030 Face Significant Hurdles

From high borrowing costs to supply chain issues, various factors challenge the ambitious U.N. goal amidst a post-pandemic economy.

High interest rates have made it more difficult to fund renewable energy projects, with renewables facing higher upfront costs compared to fossil fuel investments.
Inflation and supply chain disruptions have increased the cost and delayed the delivery of essential materials and equipment for renewable energy installations.
Resistance from local communities, known as the NIMBY syndrome, continues to hinder the deployment of renewable energy projects in certain areas.
Developing countries face even greater challenges due to higher borrowing costs, making renewable projects significantly more expensive.
Despite these challenges, the price of solar panels has dropped significantly, thanks to massive production in China.