Investments in renewable energy technologies reached a record of $1.3 trillion last year but that figure must rise to around $5 trillion annually to meet the key Paris accord target of limiting temperature increases to 1.5 degrees Celsius above pre-industrial levels, IRENA said.

In total, the world needs around $35 trillion for transition technology by 2030, including improving efficiency, electrification, grid expansion and flexibility, IRENA said.

Renewable energy deployment must grow from around 3,000 gigawatts annually today to over 10,000 GW in 2030, IRENA said, adding that more equality is needed in renewable expansion between industrial and developing countries.

New renewable energy projects in China, the EU and the US accounted for two-thirds of installed capacity last year, while Africa accounted for only 1 percent of renewable capacity installed.

"A fundamental shift in the support to developing nations must put more focus on energy access and climate adaptation," IRENA' Director General Francesco La Camera said, calling on financial institutions to direct more funds towards energy transition projects with better conditions.

IRENA called for directing planned fossil fuel investments — around $1 trillion of fossil fuel investments per year by 2030 — toward renewable energy technologies and infrastructure.