Although 2024 marks yet another benchmark in renewable energy capacity and growth, progress still falls short of the 11.2 terawatts needed to align with the global goal to triple installed renewable energy capacity by 2030. To reach this goal, renewable capacity must now expand by 16.6 % annually until 2030.
In addition, progress yet again reflects significant geographic disparities. As in previous years, most of the increase occurred in Asia, with the greatest share being contributed by China—almost 64% of the global added capacity—while Central America and the Caribbean contributed the least at only 3.2%. The G7 and G20 countries respectively accounted for 14.3% and 90.3% of new capacity in 2024.
Challenge of great regional disparities
IRENA Director-General, Francesco La Camera said: “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
“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 Global South’s countries,” he added.
Over 75% of capacity expansion was solar
Commenting on the remarkable progress, the 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 – with all countries given the chance to fully benefit from cheap, clean renewable power.”
PV 56 % cheaper than fossil fuels or nuclear
Solar and wind energy continued to expand the most, jointly accounting for 96.6% of all net renewable additions in 2024. Over three-quarters of the capacity expansion was in solar energy which increased by 32.2%, reaching 1 865 GW, followed by wind energy which grew by 11.1%.
Growing skills gap in a booming solar job market
The large net decommissioning of non-renewable power in some regions has contributed to the upward trend of renewables capacity. However, more needs to be done to reach the goal of tripling renewables capacity by 2030 and the Paris Agreement. Over the past few years, IRENA has been pressing for clear, quantifiable renewable capacity targets in NDCs 3.0. To this end, the Agency has been assisting in the enhancement and implementation of its members’ NDCs with a focus on the energy sector through its 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 which reached 6.3 GW by 2024. (hcn)
