According to the International Renewable Energy Agency (IRENA)’s latest report, 2024 has witnessed a remarkable growth in renewable energy capacity, with a record-breaking expansion of 585 GW in a single year. This historic achievement is a testament to the increasing economic competitiveness and scalability of renewables, paving the way for a clean energy revolution that aims to triple renewable power capacity by 2030.
Global Renewable Energy Capacity Growth
- Renewable energy capacity grew by 585 GW in 2024, with a record rate of 15.1% annual growth, surpassing the growth rate of 14.3% in 2023.
- The increase in renewable energy capacity marks a consistent trend of renewables breaking their own expansion records each year, underscoring their strong business and investment case.
- As the levelized cost of electricity from most forms of renewable power continued to fall, renewables are not only environmentally sound but also the most cost-effective power source for countries around the world.
Solar and Wind Energy Leading the Charge
Solar energy remained the driving force behind the growth in renewable energy capacity, responsible for 42% of the total global renewable power capacity mix. The solar sector alone grew by 32.2%, adding almost 452 GW to reach a total capacity of 1,865 GW worldwide. Solar photovoltaic (PV) technology accounted for virtually all solar capacity growth, demonstrating its continued cost-effectiveness and scalability.
Regional Disparities in Renewable Energy Capacity Deployment
| Region | Share of Global Additions (%) | Global Additions (GW) |
|---|---|---|
| Asia | 72% | 421.5 GW |
| Europe | 21% | 123.5 GW |
| Africa | 4.2% | 4.2 GW |
| Central America and the Caribbean | 3.2% | 3.2 GW |
Challenges Ahead
Despite a record growth rate of 15.1% in 2024, progress still falls short of the 11.2 terawatts needed to align with the global goal to triple installed renewable energy capacity by 2030. If the current growth rate persists, the world will be short approximately 0.8 TW by 2030. Achieving the target now requires an annual growth rate of 16.6% until 2030.
Enhancing National Targets
Boosting the annual growth rate requires more ambitious national targets. IRENA has consistently called for clear, quantifiable renewable energy targets in the next round of the Nationally Determined Contributions (NDCs). To that end, the Agency continues to support its members in enhancing and implementing their NDCs in the energy sector.
Conclusion
As the world continues to transition to clean, sustainable energy, the growth of renewable energy capacity is a clear indication of the increasing economic competitiveness and scalability of renewables. However, to achieve the global goal of tripling installed renewable energy capacity by 2030, more ambitious national targets and enhanced support for renewable energy deployment are needed.
