Despite 2024 marking another milestone in renewable energy capacity and growth, progress remains short of the 11.2 terawatts required to meet the global target of tripling installed renewable energy capacity by 2030. To achieve this goal, renewable capacity must grow by 16.6% annually until 2030.
Progress continues to reflect significant geographic disparities. As in previous years, the majority of the increase occurred in Asia, with China contributing nearly 64% of the global added capacity. In contrast, Central America and the Caribbean accounted for just 3.2%. The G7 and G20 countries together contributed 14.3% and 90.3% of new capacity, respectively, in 2024.
Challenge of great regional disparities
Director-General Francesco La Camera: “The continuous growth of renewables we witness each year is evidence that renewables are economically viable and readily deployable. Each year they keep breaking their own expansion records, but we also face the same challenges of great regional disparities and the ticking clock as the 2030 deadline is imminent.”
Major utilies intent to raise renewable capacity by 2.5 times to 2030
He added: “With economic competitiveness and energy security being increasingly a major global concern today, expanding renewable power capacity at speed equals tapping into business opportunities and addressing energy security quickly and sustainably. I call on governments to leverage on the next round of Nationally Determined Contributions (NDCs 3.0) as an opportunity to outline a clear blueprint of their renewable energy ambitions, and on the international community to enhance collaborations in support of the ambitions of the Global South.”
Over 75% of capacity expansion was solar
Commenting on the remarkable progress, United Nations Secretary-General António Guterres said: “Renewable energy is powering down the fossil fuel age. Record-breaking growth is creating jobs, lowering energy bills, and cleaning our air. Renewables renew economies. But the shift to clean energy must be faster and fairer, ensuring that all countries have the opportunity to fully benefit from affordable, clean renewable power.”
PV 56 % cheaper than fossil fuels or nuclear
Solar and wind energy continued their dominant expansion, together accounting for 96.6% of all net renewable additions in 2024. Solar energy led the way, growing by 32.2% to reach 1,865 GW, while wind energy grew by 11.1%.
Growing skills gap in a booming solar job market
The large net decommissioning of non-renewable power in certain regions has helped drive the increase in renewable capacity. However, further action is required to meet the goal of tripling renewable energy capacity by 2030 and fulfilling the Paris Agreement. In recent years, IRENA has been advocating for clear, quantifiable renewable capacity targets in NDCs 3.0. To support this, the Agency has been working closely with its members to enhance and implement their NDCs, with a particular focus on the energy sector through country engagement.
Technology highlights
• Solar: solar photovoltaics increased by 451.9 GW last year. China alone added 278 GW to the total expansion, followed by India (24.5 GW).
• Hydropower (excluding pumped storage hydropower): capacity reached 1 283 GW, demonstrating a notable rebound from 2023, driven by China. Ethiopia, Indonesia, Nepal Pakistan, Tanzania, and Viet Nam added more than 0.5 GW each.
• Wind: wind energy expansion declined slightly, to a total of 1 133 GW capacity by the end of 2024. Expansion was once again dominated by China and the United States (US).
• Bioenergy: expansion rebounded in 2024, with an increase of 4.6 GW of capacity compared to an increase of 3.0 GW in 2023. The growth was driven by China and France with 1.3 GW of additions each.
• Geothermal: geothermal energy increased by 0.4 GW overall, led by New Zealand, followed by Indonesia, Türkiye, and the US.
• Off-grid electricity (excluding Eurasia, Europe and North America): capacity expansion nearly tripled, growing by 1.7 GW to reach 14.3 GW. Growth was dominated by off-grid solar energy, reaching 6.3 GW by 2024. (hcn)
