The report was released by the International Renewable Energy Agency (IRENA). It is an intergovernmental organisation mandated to facilitate cooperation, advance knowledge, and promote the adoption and sustainable use of renewable energy. It is the first international organisation to focus exclusively on renewable energy, addressing needs in both industrialized and developing countries.

The Outlook sees investment needs of $5.7 trillion per year until 2030 including the imperative to redirect $0.7 trillion annually away from fossil fuels to avoid stranded assets. Renewables will have to scale-up massively across all sectors from 14 per cent of total energy today to around 40 per cent in 2030. The Outlook sees electrification and efficiency as key drivers of the energy transition, enabled by renewables, hydrogen, and sustainable biomass.